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Carnival reestablishes $1B stock buyback program

MIAMI (AP) -- Carnival Corp. said Thursday that its board renewed its authorization for the buyback of up to $1 billion of the company's shares and declared a quarterly dividend of 25 cents.

The Miami-based cruise company said it has repurchased 2 million shares of its common stock worth $78 million since the start of fiscal 2013, bringing the total amount purchased so far under the $1 billion authorization originally approved in 2007 to $835 million.

On Wednesday, the company's board increased the remaining $165 million repurchase authorization to $1 billion.

The buyback covers both Carnival Corp. common stock traded on the New York Stock Exchange and Carnival PLC ordinary shares traded on the London Stock Exchange.

The dividend has a record date of Feb. 22 and will be paid on March 15, Carnival said.

Carnival's U.S. shares rose 29 cents to $38.10 in morning trading Thursday. They are near the high end of their 52-week range of $29.15 to $39.95.