CHICAGO (AP) - Boeing Co. is raising its quarterly dividend 20 percent and setting a new stock buyback plan of up to $14 billion.

CHICAGO (AP) Boeing Co. is raising its quarterly dividend 20 percent and setting a new stock buyback plan of up to $14 billion.

The Chicago-based company said Monday the new buyback authorization replaces an existing $12 billion stock repurchase plan under which about $5.25 billion remained.

Through the first nine months of the year, Boeing spent $6 billion to repurchase 41 million shares.

The commercial airline and defense contractor will pay the higher dividend of $1.09 per share on March 4 to shareholders of record Feb. 12.

Boeing shares closed Monday at $143, down $1.62 on the day. For the year to date, the stock is up 10 percent, versus a 2 percent decline in the benchmark S&P 500 index.