Avis Budget Group Announces Special Dividend

Shares of Avis Budget Group (ticker: CAR) saw significant growth following the company's announcement of a special cash dividend on its common stock. The dividend, set at $10 per share, has garnered positive attention from investors.

Stock Performance

In premarket trading, Avis stock experienced a notable increase of 4.2% to reach $191.74. Overall, the stock has displayed impressive growth this year, with a 12% increase leading up to Wednesday's session.

Cash Dividend Details

According to a recent press release, Avis Budget Group's board of directors approved the special cash dividend. The payment, scheduled for December 21st, will be distributed to stockholders of record as of the close of business on December 15th.

Share Repurchase Program

Avis has been actively repurchasing its common stock in the fourth quarter, acquiring approximately 1.3 million shares worth around $240 million. The company also noted that it still has approximately $820 million available for future share repurchases. Avis stated its intention to continue retiring shares throughout the remainder of the year and beyond.

Conclusion

Avis Budget Group's announcement of a special cash dividend has resulted in positive market momentum for its stock. With strong stock performance throughout the year and ongoing share repurchases, the company is poised for continued growth.