Broadridge Financial Solutions' board has raised the company's quarterly dividend by 12%, to $1.09 from 97.5 cents, and approved a new $1.5 billion share-repurchase program.

The new quarterly payout, equal to $4.36 a year, represents an annual yield of about 2.77% based on Monday's closing price of $157.34, up from 2.48% previously.

The Lake Success, N.Y., manager and distributor of investor communications on Tuesday said the increased dividend is payable Oct. 5 to shareholders of record Sept. 3.

Broadridge, which sports a market capitalization topping $18 billion, said the new buyback program replaces a prior repurchase authorization that had 3.5 million shares remaining.