Stepan (SCL) Increases Dividend and Splits Common Stock, 2-for-1

October 24, 2012 8:46 AM EDT Send to a Friend
On October 23, 2012 the Board of Directors of Stepan Company (SCL) declared a 14 percent increase in the Company's quarterly cash dividend on its common stock to thirty-two cents ($0.32) per share (pre split). The new quarterly dividend is payable on December 14, 2012, to stockholders of record on November 30, 2012. The increase brings the annual dividend rate to one dollar and twenty-eight cents ($1.28) per share (pre split) and marks the forty-fifth consecutive year in which the quarterly dividend rate on its common stock has been increased.

The Board of Directors also declared a two-for-one (2-for-1) stock split on its common stock in the form of a 100 percent stock dividend, payable on December 14, 2012, to stockholders of record on November 30, 2012. Concurrent with payment of the 100 percent stock dividend, the adjusted quarterly cash dividend rate on the common stock will be $0.16 per share, or $0.64 per share annually. The Company's preferred stock, which is convertible into 1.14175 shares of common stock, will become convertible at a rate of 2.2835 shares of common stock after the 2-for-1 common stock split.

The Board of Directors also declared a quarterly cash dividend on its five and one half (5.5) percent convertible preferred stock, at the quarterly dividend rate of $0.34375 per share, or at the annual rate of $1.375 per share. The dividend is payable on November 30, 2012, to preferred stockholders of record on November 15, 2012.

The Board of Directors also declared a quarterly cash dividend on its five and one half (5.5) percent convertible preferred stock, at the quarterly dividend rate of $0.34375 per share, or at the annual rate of $1.375 per share. The dividend is payable on February 28, 2013, to preferred stockholders of record on February 15, 2013.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Dividends, Stock Splits

Related Entities

Dividend

Add Your Comment