LPL starts dividend program with $2-per-share payment

LPL Investment Holdings Inc. Ticker:(LPLA) has jumped on the dividend-payers' 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 announced yesterday that the company has completed a refinancing of its senior secured credit facilities. The refinancing effectively 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 through all available means,” Robert Moore, LPL Financial's chief financial officer, said in a prepared 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 of this year. LPL shares, which closed Monday 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. /images/newsletters src="/wp-content/uploads2012/04/twitter-bullet.png" Follow Jeff Benjamin