General Motors reinstates dividend suspended in pandemic

By AP News

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DETROIT (AP) — General Motors will reinstate quarterly dividend payments that were suspended during the pandemic that shut down its factories.

DETROIT (AP) — General Motors will reinstate quarterly dividend payments that were suspended during the pandemic that shut down its factories.

The automaker said Friday that the dividend of 9 cents per share will be paid on Sept. 15 to shareholders of record on Aug. 31.

GM canceled its quarterly dividend in April 2020 as COVID-19 spread unchecked in the U.S. and manufacturing in the U.S. screeched to a near halt.

The last time the Detroit automaker suspended dividend payments was in 2008 during the nation's worst economic downturn since the Great Depression. Those payments resumed six years later, in 2014.

GM also announced that its going to start buying back shares again. The company board boosted its existing stock buyback program's capacity to $5 billion, from $3.3 billion earlier this week.

Shares of General Motors Co. are up 7% this month.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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