Morningstar spikes into close, expands share repurchase by $200M, hikes dividend

|By:, SA News Editor

Morningstar (MORN +1.8%) shares spiked into the close after the company announced a $200M increase to its share repurchase program authorization, bringing the total to $700M, and a 36% quarterly dividend hike to $0.17 (payable Jan. 31 for shareholders of record as of Jan. 10).

$329.6M of the repurchase authorization is available, which would be good for reducing shares outstanding by 8.8% as of today's close.