Marriott Updates Its Share Buyback Program

Shares of Marriott International Inc (NASDAQ: MAR) turned positive late Thursday afternoon after the company announced an update to its share repurchase program.

Marriott announced that its Board of Directors approved an increase to its already existing share repurchase program by an additional 25 million shares. Following the increase, the company's Board is now authorized to buyback a total of 36 million shares.

Marriott added that the company has repurchased 25.7 million shares throughout 2015 for a total among of $1.94 billion.

Marriott also declared a quarterly cash dividend of $0.25 per share payable on March 31, 2016 to shareholders of record as of February 25, 2016.