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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: - with a K who wrote (18624)	2/12/2004 6:18:01 PM
From: - with a K	Respond to of 78754

Cendant announces dividend (1.2% yield) and possible buyback. Up nearly 4% after hours. NEW YORK, Feb 11 (Reuters) - Cendant Corp. (NYSE:CD - News), the travel, lodging and real estate services company, on Wednesday declared its first quarterly cash dividend, and said it may buy back an additional $750 million of common stock. New York-based Cendant, whose brands include Avis car rental, Century 21 real estate and Days Inn hotels, said it will pay a 7 cents per share dividend on March 16 to shareholders of record as of Feb. 23. The payout corresponds to an annual 1.2 percent dividend yield based on current share prices. Cendant had previously announced plans to pay its first dividend this quarter. Cendant said the increased stock repurchase authorization will allow it to retire some convertible bonds. On Feb. 4, Cendant said that to reduce debt, it plans on Friday to buy back some zero-coupon senior convertible bonds that mature in 2021. It said if it cannot do so because holders convert the bonds into stock, then it plans to use cash to buy back up to 22 million common shares. Cendant said it bought back $644 million of common stock in 2003. Cendant said fourth-quarter profit rose more than 16 percent from a year earlier to $288 million, or 28 cents per share, helped by strength in its residential real estate and brokerage businesses.