Moody's Corp. said on Wednesday that it was raising its quarterly dividend 21% to 34 cents a share, payable March 10, 2015 to shareholders of record as of Feb. 20. On an annual basis, the new dividend represents a yield of 1.5% on Moody's stock, based on Tuesday's closing price of $92.38. The credit rating agency also set a new $1 billion stock repurchase program. The buy backs will start when the previous program, which had $1 billion remaining as of Sept. 30, is completed. Moody's stock, which was still inactive in premarket trade, has gained 18% this year through Tuesday, compared with a 6.7% rise in the S&P 500.
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