Universal approves $100M share buyback, raises dividend by 2.5%

|By:, SA News Editor

Universal's (UVV +1.2%) board approves a share repurchase authorization of up to $100M. If exercised in full, the buyback would reduce shares outstanding by 8%.

The company also increases its quarterly dividend for the 43rd consecutive year by 1 cent to $0.51/share (3.8% forward yield based on yesterday's close).