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WWW Splits Stock, Dividend Hike
The firm said its board approved a 3-for-2 common stock split. It also indicated the board had voted to increase the pre-split quarterly cash dividend from 65 cents to 97.5 cents per share.
One a post-split basis, the dividend would be 65 cents a share.
In a statement accompanying the announcement, Wolverine’s president and CEO, Timothy J. O’Donovan, said the “split provides an opportunity to broaden our base of investors and improve the trading liquidity of our stock.
“The dividend increase,” he added, “demonstrates our commitment to maximizing stockholder return and reflects our continued generation of cash and strong operating results.”
He noted that the decision marked the 12th consecutive year of dividend increases and said it raises Wolverine’s dividend yield from eight-tenths percent to 1.3 percent on an annualize basis.
The record date for the split and the dividend is Jan. 3.
Shareholders of record on that date will receive one new share of common stock for every two shares that they own plus cash in lieu of fractional shares.
Wolverine said the dividend distribution and new share distribution will occur Feb. 1.