Interpublic Group raises dividend to 12 cents and says it will buy back $300M in stock

Advertising and marketing company Interpublic Group raised its quarterly stock dividend by 26 percent Friday and said it plans to buy back up to $300 million in stock.

The New York company increased its dividend to 12 cents from 9.5 cents. Its next dividend is payable March 16 to shareholders of record on March 2.

Interpublic Group had 418.2 million shares on the market as of Oct. 15. Its shares have climbed 24 percent over the last year, and they are trading at their highest prices since 2002.

Shares of Interpublic Group of Cos. rose 68 cents, or 3.2 percent, to $21.84 in afternoon trading after rising as high as $21.99 earlier.