Wow! Great after market news: CMB announced a 3:2 split _and_ increased the dividend 17%, to .48 quarterly. The stock will split on June 9th.
The only reason I saw this is because I logged-on to SI's home page [instead of my bookmark page] for a change:
siliconinvestor.com
Chase Manhattan Sets Stock Split
Mar 21 6:46pm ET
NEW YORK (Reuters) - The Chase Manhattan Corp. (CMB.N) said on
Tuesday its board set a three-for-two stock split and approved a 17
percent increase in its quarterly common stock dividend.
Chase, the No. 3 U.S. bank holding company whose stock touched a
52-week high last week, said it will raise its dividend to $0.48 per share,
or $1.92 a share on an annual basis.
Chase said the split is subject to shareholder approval at the annual
meeting on May 16th. The increase will be effective for the dividend
payable on April 30 to stockholders of record at the close of business
April 6.
``The actions reflect the board's confidence in Chase's prospects,'
Chase said in a release. ``If approved by the shareholders, the record
date for the split will be May 17, 2000 and the additional shares issued
as a result of the split will be distributed on June 9, 2000,' the company
said.
After weathering a hike in interest rates by the U.S. Federal Reserve,
shares of Chase closed up 3-1/4 to 89-13/16 on the New York Stock
Exchange Tuesday, just off of a year high of 92-1/4.
While some bank stocks have dipped amid fears of rising interest rates,
those like Chase that pull a large chunk of their profits from securities
type businesses have fared better as Wall Street firms post a surge in
first-quarter profits.
Rival bank J.P. Morgan & Co. Inc. (JPM.N) said recently its results in
January and February were strong, thanks to record stock trading
volumes and a global merger boom.
Lynn |
