Why Avis Budget Group (CAR) Stock Is Rising Wednesday

Avis Budget Group Inc CAR shares are trading higher Wednesday after the company announced a special dividend. 

What Happened: Avis said its board declared a special cash dividend of $10 per share of common stock, payable on Dec. 21 to shareholders of record as of Dec. 15. 

The company also noted that it has purchased approximately 1.3 million of its shares in the fourth quarter under its share repurchase program, which has about $820 million remaining. Avis said it plans to continue buying back shares throughout the rest of the year. 

Avis is a global provider of mobility solutions through its Avis and Budget brands, as well as its Zipcar brand.

See Also: Box Stock Is Tumbling Wednesday: What's Happening?

CAR Price Action: Avis shares were up 8.62% at $199.82 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Avis Budget Group.