Comcast Corp.'s board declared a 2-for-1 stock split in the form of a 100% stock dividend payable on Feb. 17 to shareholders of record as of the close of business on Feb. 8.
The stock dividend will be an additional one share for every share held and will be payable in shares of Class A common stock on the existing Class A common shares and Class B common shares, the company said Jan. 26. Comcast expects its Class A common shares to begin trading ex-dividend on Feb. 21.
The board also increased its stock repurchase program authorization to $12 billion, and expects to repurchase $5 billion of its common stock during 2017, subject to market conditions, the company said Jan. 26.
Additionally, Comcast increased its dividend by 15% to $1.26 per share on an annualized, pre-split basis, or 63 cents per share on an annualized, post-split basis. Also, the board declared a quarterly cash dividend of 15.75 cents a share, on a post-split basis, on the company's common stock, payable on April 26 to shareholders of record as of the close of business on April 5.
As of Dec. 31, 2016, Comcast had outstanding about 2.37 billion shares of CMCSA and 9 million shares of Class B common stock. Upon completion of the split, the outstanding shares of CMCSA will increase to about 4.74 billion.