Iron Mountain Inc. (NYSE: IRM) reported Thursday that its board has approved a program to repurchase up to $150 million of its shares, according to Associated Press.
The $150 million program represents about 3 percent of the company's outstanding shares based on the closing price on Feb. 19.
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The company also said it will start paying dividends. Its first quarterly dividend of 6.25 cents will be payable on April 15 to shareholders of record on March 25.
Shares rose $1.72, or 7.1 percent, to $26.02 in afternoon trading. The stock has traded between $16.91 and $32.04 in the past 52 weeks.
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