Simmons First National Corp. of Pine Bluff on Thursday said its board of directors approved a two-for-one stock split in the form of a 100 percent stock dividend.
The split will entitle each shareholder of record as of the close of business on Jan. 30 to receive one additional share of common stock for every share of common stock owned on that date.
Shares resulting from the split will be distributed on or about Feb. 8. Simmons (Nasdaq: SFNC) has about 46 million shares of common stock outstanding.
“We are pleased to announce this stock split,” Chairman and CEO George Makris said in a news release. “This event should adjust the price of the company’s stock to a level that is extremely attractive to a wide range of investors, which we believe will ultimately result in an increase in the stock’s liquidity and marketability.”
The company also declared a regular 15 cents per share quarterly cash dividend payable April 5 to shareholders of record at the close of business on March 15. On a split-adjusted basis, the dividend represents a 20 percent increase above the dividend paid for the same period last year.
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