OMAHA, Neb.—Union Pacific Corp. said Thursday its board has authorized a two-for-one stock split, to be distributed to shareholders as a stock dividend.
Shareholders will receive one additional Union Pacific share for each common share held. The dividend will be paid on May 28 to shareholders of record as of May 12.
Additionally, the railroad declared a quarterly dividend of 44 cents, or 22 cents post-split. The dividend is payable July 1 to shareholders of record as of May 30.
Union Pacific had about 258.4 million shares outstanding as of April 18.
Shares rose $2.26 to $147.45 in afternoon trading. Shares hit a new high of $147.70 earlier in the session.
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