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Hilton sets $1 billion share buyback program

Published 02/24/2017, 06:56 AM
Updated 02/24/2017, 07:00 AM
© Reuters. A trader wears a Hilton robe during the company's IPO at the New York Stock Exchange

(Reuters) - Hilton Worldwide Holdings Inc (N:HLT), owner of the Waldorf Astoria hotel chain, said on Friday it would buy back up to $1 billion of its shares, and that it would change its corporate name to 'Hilton Inc', effective March 6.

Last week, Hilton reaffirmed its 2017 forecast for a key revenue metric and said it felt more confident about achieving it, as U.S. economic growth gains steam.

Hilton's board also declared a quarterly dividend of 15 cents per share, payable on March 31.

The Conrad and Double Tree hotels owner paid a dividend of 7 cents per share in December.

Based on Thursday's closing price of $57.21, Hilton can purchase up to 17.5 million shares, or 5.3 percent of its total outstanding shares as of Feb. 7.

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So buying your own stock cause it would crash otherwise is good news?
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