The board of directors of Hilton Worldwide has authorised a stock repurchase program of up to $1 billion of common stock.

The board also declared a quarterly dividend of $0.15 per share of Hilton’s common stock, payable on March 31st, 2017 to stockholders of record as of March 10th, 2017.

In addition, the company will change its name to Hilton Inc. from March 6th, 2017. 

The company’s common stock will continue to trade on the New York Stock Exchange under the symbol HLT.

Hilton may purchase shares in the open market, in privately negotiated transactions or in such other manner as determined by Hilton, including through repurchase plans complying with the rules and regulations of the Securities & Exchange Commission.

The amount and timing of any repurchases made under the stock repurchase program will depend on a variety of factors, including available liquidity, cash flow and market conditions.