Marriott Vacations Worldwide Corporation Announces Increased Quarterly Cash Dividend and Increase in Share Repurchase Authorization

Rhea-AI Summary

Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced a quarterly cash dividend of $0.62 per share, marking a 15% increase from the previous dividend. This dividend is set to be paid on or around March 17, 2022, to shareholders on record as of March 3, 2022. Additionally, the company has authorized an increase in its stock repurchase program by $300 million, bringing the total available for repurchase to $445 million.

Positive

• Quarterly cash dividend increased by 15% to $0.62 per share, enhancing shareholder returns.
• Total stock repurchase capacity increased to approximately $445 million, signaling confidence in the company's stock value.

Negative

• None.

ORLANDO, Fla., Feb. 22, 2022 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) today announced its board of directors authorized a quarterly cash dividend of $0.62 per share of common stock, an increase of 15% over the company's prior dividend. The dividend is payable on or around March 17, 2022 (the "Payment Date") to shareholders of record as of the close of business on March 3, 2022 (the "Record Date").

Additionally, the company today announced its board of directors increased its prior authorization to repurchase common stock of the company by $300 million.  As of February 17, 2022, the company had approximately $145 million of capacity remaining under its prior authorization, and the increase in authorization provides a total remaining capacity of approximately $445 million.

About Marriott Vacations Worldwide Corporation

Marriott Vacations Worldwide Corporation (NYSE:VAC) is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The Company has 120 vacation ownership properties and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. It also includes exchange networks and membership programs comprised of nearly 3,200 affiliated resorts in over 90 nations, as well as provision of management services to more than 150 other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.

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SOURCE Marriott Vacations Worldwide Corporation