Nike (NYSE:NKE) announced on Thursday that it will hike its quarterly dividend payments and will split its stock next month.
The footwear maker said it will raise its dividend to 21 cents a share, a 17% increase above the current dividend, the Associated Press reported.
It will pay the higher dividend on Dec. 26 to investors who own shares as of Dec. 10.
Company officials said Nike’s shares would split two-for-one on Dec. 24. The company hasn’t split its shares since April 2007, despite sharp gains.
Shares of Nike rose about 1% in Friday morning trading on the news, hovering above $91 a share.
Earlier this month, reports surfaced that Nike was in negotiations to sell its Cole Haan handbag and shoe business to a private equity firm in a deal valued at more than $500 million. The Associated Press noted on Friday that the deal had been finalized and that Apax Partners would pay $570 million for Cole Haan.