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UPDATE 1-Hilton sets $1 bln share buyback program
February 24, 2017 / 11:46 AM / 9 months ago

UPDATE 1-Hilton sets $1 bln share buyback program

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Feb 24 (Reuters) - Hilton Worldwide Holdings Inc, 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. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)

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