February 24, 2017 / 11:57 AM / a year ago

Hilton sets $1 billion share buyback program

(Reuters) - Hilton Worldwide Holdings Inc (HLT.N), 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.

A trader wears a Hilton robe during the company's IPO on the floor of the New York Stock Exchange (NYSE), December 12, 2013. REUTERS/Brendan McDermid

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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