West Pharmaceutical Services
split its stock and boosted its dividend Tuesday, citing a desire to make its shares more affordable for small investors.
The Lionville, Pa., maker of closure systems and syringe components for injectable drugs set a 2-to-1 split in the form of a 100% stock dividend. The split is payable Sept. 29 to shareholders of record as of Sept. 15.
The company also boosted its quarterly dividend by a penny on presplit shares, to 22 cents. The 11-cent postsplit distribution will be paid Nov. 3 to holders of record as of Oct. 20.
"Declaring a dividend demonstrates the board's confidence in West's long-term opportunities and financial strength," said finance chief William Federici. "With the stock split we hope to make our stock more accessible to a broader range of investors."
On Tuesday, the stock rose 3 cents to $38.54.