Visa Inc. (NYSE:V) says it will increase its quarterly dividend by 20 percent.
The Foster City, California-based global payments company said Wednesday that it will pay a quarterly dividend of 48 cents per share on Dec. 2 to its class A shareholders of record as of Nov. 14. That is up from its most recent dividend payment of 40 cents per share.
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The quarterly dividend increase raises the annual dividend rate from $1.60 per share to $1.92 per share.
Shares of Visa Inc. fell $2.39, in line with market activity, to close at $210.92.