Raymond James Financial Inc. undefined said Wednesday its board of directors OK'd a three-for-two stock split in the form of a 50% stock dividend. Shares of...
Raymond James Financial Inc. RJF, +1.96% said Wednesday its board of directors OK'd a three-for-two stock split in the form of a 50% stock dividend. Shares of the St. Petersburg, Fla.-based financial firm were untraded in the pre-market after rising 0.4% on Tuesday. Shareholders of record as of Sept. 9 will receive one additional share of Raymond James for every two shares they own on Sept. 21.
The bank also declared a post-split quarterly cash dividend of 26 cents per share for shareholders of record as of Oct. 1 to receive on Oct. 15. The payment is economically equivalent to the pre-split amount of 39 cents per share paid in the preceding quarter. Raymond James chairman and CEO Paul Reilly said the stock split and dividend,"reflect our continued confidence in the long-term outlook," according to a statement. The stock has rallied 43.
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