Zillow (Z) Active Following Payment of Class C Stock Dividend

Zillow (Nasdaq: Z) shares appear lower on trading screens Monday as the company commences the payment of a Class C common stock dividend - effectively a 3-for-1 stock split.

On July 21st, Zillow announced Board approval of the Class C dividend. Holders of record on July 31st received a dividend of two shares of Class C capital stock for each share of Class A and Class B common stock held by them as of the record date.

With the press release, the company said, The issuance of Class C capital stock is an extension of Zillow Group's dual-class structure, whereby Zillow Group's co-founders Rich Barton and Lloyd Frink hold Class B shares. The Class C dividend enables the company to continue its focus on long-term growth and innovation, while maintaining the flexibility to issue additional stock for strategic business decisions and to retain and attract the best employees.

Payment was made last Friday at 5:00pm EDT.

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