UPDATE 1-DeVry raises dividend, to buy back $50 mln more shares

* Raises annual dividend by 25 pct to $0.20/shr

* Share buyback to start after current one expires

Nov 11 (Reuters) - Education company DeVry Inc (DV.N) raised its annual dividend by 25 percent to 20 cents per share and said its board authorized a third share buyback program of $50 million.

The dividend is payable on a semi-annual basis, and the next payout of 10 cents a share will be made on Jan. 7, the company said.

DeVry said its buyback program will commence upon completion of the existing $50 million program and will expire on Dec. 31, 2011.

DeVry shares were down 1.5 percent at $53.35 in morning trade Wednesday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Gopakumar Warrier)