Stein Mart (SMRT) Surges After $5.00/Share Special Dividend; 35.2% Yield
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Stein Mart, Inc. Announces Special Dividend and $275 Million Credit Facility
February 4, 2015 4:05 PM ESTJACKSONVILLE, Fla., Feb. 4, 2015 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq: SMRT) announced today that its Board of Directors declared a special dividend of $5.00 per common share, payable on February 27, 2015 to shareholders of record as of the close of business on February 13, 2015. The aggregate amount of payment to be made in connection with this special dividend will be approximately $230 million. The special dividend will be funded by existing cash and the credit facilities discussed below. It is the Company's intent to continue its regular quarterly cash dividend of $0.075 per share.
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