Group 1 Automotive Boosts Share Buyback To $100 Mln; Raises Dividend

(RTTNews) - Group 1 Automotive Inc. (GPI) said Tuesday that its board of directors increased the company's common stock share repurchase authorization by $52.4 million to $100 million and increased the quarterly dividend by 3.4 percent.

During February 2020 and subsequent to the fourth-quarter 2019 earnings call, the company repurchased 119,575 shares at an average price of $94.42 per share, for a total of $11.3 million.

In the first quarter of 2020, the company has repurchased a total of 268,859 shares at an average price of $96.47 per share, for $25.9 million.

Group 1's board of directors declared a cash dividend of $0.30 per share for the fourth quarter of 2019. The dividend represents an increase of 3.4 percent, or $0.01 per share, from the third quarter of 2019 and will be payable on March 16, 2020, to stockholders of record on March 2, 2020.