Morningstar, Inc. Declares Quarterly Dividend of 37.5 Cents Per Share and Authorizes New $500 Million Share Repurchase Program
CHICAGO, Dec. 6, 2022 /PRNewswire/ -- The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today declared a quarterly dividend of 37.5 cents per share, an increase of 4.2 percent. The dividend is payable Jan. 31, 2023, to shareholders of record as of Jan. 6, 2023. The 1.5 cent increase from the prior quarterly rate of 36 cents per share results in an annualized dividend of $1.50 per share compared with the prior annualized rate of $1.44 per share.
While subsequent dividends will be subject to board approval, the company expects to pay three additional dividends in 2022:
Morningstar's board also approved a new three-year share repurchase program that authorizes the Company to repurchase up to $500 million in shares of the Company's outstanding common stock, effective Jan. 1, 2023. This new repurchase program will replace the existing program, which came into effect on Jan. 1, 2021. The share repurchase authorization permits the Company to repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that management deems appropriate. Please contact [email protected] with any questions.
"We are pleased with our track record of dividend increases and the approval of a new share repurchase program. We continue to focus on prudent capital allocation through investment in our business and returning cash to shareholders," said Kunal Kapoor, chief executive officer of Morningstar.
About Morningstar, Inc.
Caution Concerning Forward-Looking Statements
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SOURCE Morningstar, Inc.
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