By Kimberly Chin

Lockheed Martin Corp. raised its quarterly dividend and expanded its stock-buyback program with an additional authorization.

The Bethesda, Md., company's new dividend is $2.80 a share, up from its previous dividend of $2.60 a share.

The dividend will be payable on Dec. 27 to shareholders of record as of Dec. 1.

The security and aerospace company's board has also authorized an additional $5 billion in share repurchases under its existing program. This brings its total authorization to nearly $6 billion, the company said.

Lockheed's shares rose 1.1% after hours to $348.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

09-23-21 1709ET