Schwab Expands Buyback

The big online broker also declares a dividend.
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Charles Schwab

(SCH)

expanded its share buyback program and declared its regular quarterly 2.2-cent dividend.

The San Francisco-based online broker said the dividend would be payable Aug. 23 to shareholders of record Aug. 9.

Schwab also added $300 million to its stock repurchase plan, saying it now has a total of $435 million worth of buyback firepower. The company has bought back $165 million worth of stock under a previous plan authorized this spring.

The news comes after an eventful period in which Schwab was often rumored to be involved in a big merger before the company said earlier this month that it would stay independent.

On Friday, Schwab was flat at $13.91.