Today, TJX Cos. (TJX) announced it was increasing its quarterly dividend by 28.6% on a year over year basis. The new quarterly dividend payable May 31st increases to 9 cents per share versus 7 cents per share in the second quarter of 2006. TJX's 5-year average annual dividend growth rate is approximately 24%. In addition to the dividend increase, the company announced it was resuming its stock repurchase program. The company stated it would repurchase $900 million of stock or about 7% of the current shares outstanding based on today's closing price of $28.07.
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