Rental car company Avis said Wednesday it approved the repurchase of $200 million in company stock.
The Parsippany, New Jersey, company says it total stock repurchase authorization stands at about $375 million. Stock repurchases can return cash to a company's shareholders and boost the stock price by reducing the number of shares on the market.
Shares of Avis Budget Group Inc. rose 96 cents, or 2 percent, to $48.96 in morning trading. The company's stock is up 19 percent in 2014, but it's down 31 percent from its all-time high of $69.76, set on Aug. 18.