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Shares of
Avis Budget Group
were making strides after the car rental company announced a special cash dividend of $10 per share of common stock.
Avis stock was up 4.2% to $191.74 in premarket trading. Coming into Wednesday’s session, shares have gained 12% this year.
The special cash dividend, declared by the company’s board of directors, is payable on Dec. 21 to stockholders of record as of the close of business on Dec. 15, according to a press release Tuesday.
The company said it has purchased about 1.3 million shares of its common stock in the fourth quarter so far, equating to about $240 million. There is about $820 million left under its share repurchase program and Avis said it ”expects to continue retiring shares” through the end of this year and going forward.
Write to Emily Dattilo at [email protected]
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