Tiffany & Co. (NYSE: TIF) has received approval from its Board of Directors to change its dividend policy so that the regular quarterly dividend rate will be increased, effective with the next payment in April, to $0.20 per share on its common stock which is an increase of 18 % from its current $0.17 per share.
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The company will also resume the repurchasing of common stock through the open market. Repurchases have been suspended since the third quarter of 2008. $402 million remains available for repurchases under an authorized program which is set to expire in January 2011.
Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations.
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