NEW YORK – DineEquity Inc., the company behind restaurant chains IHOP and Applebee's, said Tuesday that it is raising its dividend 17 percent and approved a $60 million increase in its stock buyback plan.
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The company, based in Glendale, California, raised its quarterly dividend to 87.5 cents per share from 75 cents per share. The dividend will be paid on Jan. 9 to shareholders of record as of Dec. 3.
It boosted the amount of company stock it plans to buy back to $100 million from $40 million.
The increases come on the same day DineEquity reported third-quarter earnings and revenue that beat Wall Street expectations. It also reporter higher sales at its pancake chain IHOP and its fast-causal restaurant Applebee's.
Shares of DineEquity rose $1.45 to $86.60 in premarket trading Tuesday.