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Universal authorizes buybacks, increases dividend
Tobacco processor Universal Corp. authorizes up to $150M in buybacks, increases dividend
RICHMOND, Va. (AP) -- The board of Universal Corp., a tobacco seller and processor, on Thursday approved up to $150 million in share buybacks and increased its quarterly dividend by a penny to 47 cents.
The dividend will be paid Feb. 9 to shareholders of record as of Jan. 11.
The share buybacks will be made from time to time on the open market or in private deals at market rates.
Shares of Universal, based in Richmond, Va., rose $2.34, or 5.7 percent, to $43.61 in afternoon trading. The stock has ranged from $25.35 to $45.30 over the past year.
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