W.P. Stewart & Co.

(WPL)

Wednesday declared a regular quarterly dividend of 23 cents a share.

The dividend is payable on Oct. 27 to shareholders of record as of Oct. 13.

The Bermuda-based asset management company said it expects the level of dividend should be sustainable for the next several quarters.

Shares of W.P. Stewart were down 94 cents, or 7.4%, at $11.55 in recent trading Wednesday.