Marriott boosts stock repurchase authorization; declares quarterly dividend

Markets Associated Press

Marriott more than doubled the number of shares it may buy back, with authorization now reaching 40 million.

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The hotel on Thursday authorized the repurchase of an additional 25 million shares after spending $1.5 billion to buy 24 million shares of its own shares last year.

The Bethesda, Maryland, company, which owns Courtyard and Residence Inn, also declared a quarterly dividend of 20 cents per share. The dividend will be paid on March 27 to shareholders of record on Feb. 27.

Shares of Marriott International Inc. rose $1.75, or 2.3 percent, to $78.77 afternoon trading.