Steve Madden Splits Stock

Steve Madden Splits Stock
Steve Madden store

Steven Madden Ltd. said Thursday its board has declared a three-for-two stock split, in the form of a dividend.

The split will give all shareholders as of April 20 one additional share of Steven Madden common stock for every two shares held. The additional shares are expected to be distributed by April 30.

As a result, the firm will have 27.5 million shares outstanding, versus 18.3 million before the split.

Shares of Steven Madden closed trading on Thursday at $47.27, up almost 1 percent, and close to an all-time high.

The firm last purchased 2.6 million shares of its stock, or nearly 13 percent of shares outstanding at the time, for $44.2 million, or $17 each, in March 2008.