Loews To Split Shares 2 For 1, Raise Dividend

Loews (LTR Quote) on Tuesday set a two-for-one stock split and said it will raise its quarterly dividend 20% after the split, according to published reports.

The stock split will be delivered to shareholders in stock dividend form and will be effective March 20 to shareholders of record on March 6.

After the split takes place, Loews, a New York-based holding company, plans to raise its quarterly dividend to 15 cents a share effective April 17 and payable June 1. The increase is the equivalent of raising the annual dividend rate, on a pre-split basis, to $1.20 a share from $1 a share, the report said.

On Feb. 15, Loews reported fourth-quarter earnings that were sharply higher than in the year-ago period on revenue that rose 14%. The following day, Loews stock hit a 52-week high of $105.40.

On Tuesday, shares of Loews gained 14 cents, or 0.1%, to $102.04 on the New York Stock Exchange.