LPL to fork over $2 per share in dividend program
LPL Investment Holdings Inc. has jumped on the dividend-payer bandwagon with a special one-time $2-per-share dividend, while also…
LPL Investment Holdings Inc. has jumped on the dividend-payer bandwagon with a special one-time $2-per-share dividend, while also initiating regular quarterly payments.
The holding company of LPL Financial LLC, the nation’s largest independent broker-dealer, also last week said that it has completed a refinancing of its senior-secured-credit facilities.
The refinancing extends the maturity of the outstanding debt and reduces interest expenses.
The announcement was touted by LPL Financial executives as representing the strength of the company’s balance sheet.
“Our approach to capital management prioritizes long-term, sustainable growth and seeks to optimize shareholder value,” chief financial officer Robert Moore said in a statement.
The special dividend, which is payable May 25 to shareholders of record May 15, will be followed by a regular quarterly dividend starting at 12 cents per share.
The first quarterly dividend will be paid in the second half.
LPL shares (LPLX), which closed April 2 at $38.02, have gained 24.5% since the start of the year. This compares with a 13.4% increase by the S&P 500 over the same period.
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