RTTNews | Dec 3, 2021 08:30AM EST

08:29 Friday, December 3, 2021 (RTTNews.com) - Rent-A-Center, Inc. (RCII), a furniture and electronics rent-to-own company, said Friday that its Board approved a new share repurchase authorization of up to $500 million of the company's common stock.

In addition, the Plano-based company approved a proposal to raise its quarterly cash dividend by approximately 10 percent to $0.34 per share for the first quarter of 2022. The company will pay a quarterly cash dividend of $0.34, per share on January 13, 2022 to shareholders of record on December 16.

The share repurchases may be made in the open market, through 10b5-1 programs, privately negotiated transactions or otherwise and Rent-A-Center is not obligated to acquire any shares, the company said in a statement.

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