Interpublic Increases Common Stock Dividend for Eleventh Consecutive Year and Announces New Share Repurchase Program

Rhea-AI Summary

Interpublic Group (NYSE: IPG) has declared a quarterly dividend increase from $0.29 to $0.31 per share, marking a 7% hike, payable on March 15, 2023, to shareholders on record by March 1, 2023. Additionally, the Board has authorized a new stock repurchase program of up to $350 million, supplementing the existing 2022 program. This program allows for various repurchase methods depending on market conditions, with no expiration date. CEO Philippe Krakowsky emphasized the significance of these actions, highlighting the company’s operational strength and strategic confidence, which have persisted even through the pandemic.

Positive

• Dividend increased by 7% from $0.29 to $0.31 per share.
• New stock repurchase program authorizes up to $350 million.
• Eleventh consecutive year of dividend increases.
• Demonstrates confidence in the company's future and operational strength.

Negative

• None.

New York, NY, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Interpublic Group (NYSE: IPG) today announced that the company’s Board of Directors has declared a quarterly dividend on IPG common stock of $0.31 per share, payable on March 15, 2023, to holders of record at the close of business on March 1, 2023. The increase in the dividend from $0.29 to $0.31 per share represents a seven percent increase to the Company’s quarterly dividend.

Additionally, the company's Board of Directors authorized a new program to repurchase, from time to time, up to $350 million of IPG common stock. The authorization under the new program is in addition to any amounts remaining for repurchase under the program announced in 2022. Repurchases under the new program may be effected through open market purchases, trading plans established in accordance with SEC rules, derivative transactions, or other means. The timing and amount of repurchases under the authorization will depend on market conditions and the company's other funding requirements. The share repurchase program has no expiration date.

Philippe Krakowsky, CEO of IPG, commented, “We are very pleased to announce the eleventh consecutive year of increases in our dividend, which have continued uninterrupted through the Covid pandemic, and the new share repurchase program. Together, these actions reflect the continuing strength of our operating results and confidence in our strategic trajectory.”

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About Interpublic
Interpublic (NYSE: IPG) (www.interpublic.com) is a values-based, data-fueled, and creatively-driven provider of marketing solutions. Home to some of the world’s best-known and most innovative communications specialists, IPG global brands include Acxiom, Craft, FCB, FutureBrand, Golin, Huge, Initiative, IPG Health, Jack Morton, Kinesso, MAGNA, Matterkind, McCann, Mediahub, Momentum, MRM, MullenLowe Group, Octagon, R/GA, UM, Weber Shandwick and more. IPG is an S&P 500 company with total revenue of $10.93 billion in 2022.

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Contact Information
Tom Cunningham
(Press)
(212) 704-1326

Jerry Leshne
(Analysts, Investors)
(212) 704-1439

FAQ

What is the new dividend amount for IPG?

The new dividend amount for Interpublic Group (IPG) is $0.31 per share.

When will the new dividend for IPG be paid?

The new dividend will be paid on March 15, 2023.

What is the purpose of the new stock repurchase program for IPG?

The stock repurchase program aims to enhance shareholder value by buying back up to $350 million of common stock.

How does the dividend increase impact IPG shareholders?

The 7% dividend increase positively impacts shareholders by providing higher returns.

Is there an expiration date for the stock repurchase program?

No, the stock repurchase program has no expiration date.