Business
Morningstar, Inc. Declares Quarterly Dividend of 31.5 Cents Per Share and Authorizes New $400 Million Share Repurchase Program
CHICAGO, Dec. 4, 2020 /PRNewswire/ -- The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today
About this update from Morningstar, Inc.
[{"type":"text","content":"CHICAGO, Dec. 4, 2020 /PRNewswire/ -- The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today declared a quarterly dividend of 31.5 cents per share. The dividend is payable Jan. 29, 2021 to shareholders of record as of Jan. 4, 2021. The five percent increase from the prior quarterly rate of 30 cents per share results in an annualized dividend of $1.26 per share compared with the prior annualized rate of $1.20 per share.\nWhile subsequent dividends will be subject to board approval, the company expects to pay three additional dividends in 2021:\nRecord Date \nPayable Date\nApril 9, 2021\nApril 30, 2021\nJuly 9, 2021\nJuly 30, 2021\nOct. 19, 2021\nOct. 29, 2021\nMorningstar's board also approved a new share repurchase program that authorizes the company to repurchase up to $400 million in shares of the company's outstanding common stock, effective Jan. 1, 2021. The existing program expires on Dec. 31, 2020. The share repurchase authorization permits the company to repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that management deems appropriate.\n\"We are pleased to increase our dividend for the 10th consecutive year and to approve a new share repurchase program,\" said Kunal Kapoor, chief executive officer of Morningstar. \"Our business has shown resilience in a tough year, and we are driving long-term, sustainable growth by delivering on our mission of empowering investor success.\"\nAbout Morningstar, Inc.Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $215 billion in assets under advisement and management as of Sept. 30, 2020. The Company has ope...