HMG/Courtland Properties Inc. may buy back up to $500,000 of its outstanding common shares under a share repurchase program newly authorized by its board.

The program will run through Dec. 31, 2021.

The diversified commercial property company also declared a cash dividend of 50 cents per common share, payable Jan. 9, 2019, to shareholders of record as of Dec. 28. The previous annual dividend was $2.50 per share, reflecting a quarterly dividend of 62.5 cents apiece.