American Express increases dividend 11 percent

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NEW YORK (AP) — American Express Co. is increasing its quarterly dividend by 11 percent.

The financial services company said Monday that it will raise its dividend to 20 cents a share from 18 cents. It is payable May 10 to shareholders of record as of April 5.

It's the company's first dividend increase since November 2007.

The American Express board also authorized the repurchase of as many as 150 million shares of company stock from time to time. The company said earlier this month that it plans to return capital to shareholders through repurchases of up to $4 billion this year and up to $1 billion in the first quarter of 2013, and by raising the dividend.

American Express shares rose $1.26, or 2.2 percent, to $58.51 in afternoon trading.

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