The board of directors of Tiffany & Co. approved Thursday a change in the company’s dividend policy. The regular quarterly dividend rate will be increased, effective with the next payment in April, to 20 cents per share on its common stock from the current 17 cents per share, an increase of 18%.
The company also announced that it will resume repurchasing its shares of common stock on the open market. Repurchases have been suspended since the third quarter of 2008. There remains $402 million available for repurchases under a currently authorized program that expires in January 2011.