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.
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.
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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.