Insurance provider Lincoln National announced yesterday its second-quarter dividend of $0.12 per share, the same rate it paid for the past two quarters after raising the payout 50%, from $0.08 per share.
The board of directors said the quarterly dividend is payable on August 1 to the holders of record at the close of business on July 10.
The board also called for the redemption of all of its outstanding $3.00 Series A cumulative convertible preferred stock on July 2 for $80 per security, plus any accrued and unpaid dividends. There are currently approximately 9,532 shares of Series A preferred stock issued and outstanding.
Until the close of business on June 27, shareholders of the Series A preferred stock have the option to convert each share into 16 shares of Lincoln's common stock.
The regular dividend payment equates to a $0.48-per-share annual dividend, yielding 1.4% based on the closing price of Lincoln National's stock on May 23.
The article Lincoln National Keeps Dividend Steady at $0.12 originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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