Friday joined the growing number of companies expanding the size of large share buybacks and also said it is raising its quarterly dividend for the second time this year.
The San Antonio-based local telephone company said it plans to purchase 10%, or 350 million, of its outstanding shares. The previous program called for 200 million shares. To date, SBC has bought back about 161.5 million shares.
The company also raised its quarterly dividend about 10.5%, to 31.25 cents a share from 28.25 cents a share, effective Feb 2, to shareholders of record as of Jan. 10. In March, the company raised its quarterly from 27 cents a share.
said Friday that it plans to expand its share buyback plan to about $2 billion in 2004, on top of the $1.5 billion it is spending this year.
The SBC moves come after the company earlier this week said it would trim up to 4,000 additional jobs in the fourth quarter.
also recently announced plans to trim their workforces.