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Starwood Hotels & Resorts Authorizes Buyback

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Published on 05/12/11 - Updated on 17/03/22

The board of Starwood Hotels & Resorts Worldwide Inc. authorized the repurchase of up to $250 million in stock.

The board of Starwood Hotels & Resorts Worldwide Inc. authorized the repurchase of up to US$250 million in stock."About a month ago, Starwood boosted its annual dividend by 67% after raising the payout by 50% last year. The company’s market value is $9.23 billion. In October, Starwood reported it swung to a third-quarter profit on higher revenue and a $45 million gain mostly related to an asset-exchange transaction. Shares closed at $47.24 and were inactive after hours. The stock is up 9% in the past three months." stated the WSJ.The Wall Street Journal Reports that "Starwood Hotels & Resorts Worldwide Inc. (HOT) received authorization from its board to repurchase up to $250 million in stock, joining a long list of companies putting their cash holdings to work and enacting shareholder-friendly moves."The WSJ attributes Starwood Hotels & Resorts’ improved revenue to the company’s expansion in Asia, as well as other international markets."About a month ago, Starwood boosted its annual dividend by 67% after raising the payout by 50% last year. The company’s market value is $9.23 billion. In October, Starwood reported it swung to a third-quarter profit on higher revenue and a $45 million gain mostly related to an asset-exchange transaction. Shares closed at $47.24 and were inactive after hours. The stock is up 9% in the past three months." stated the WSJ.

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