Created: 12/11/2013 11:35 AM WHEC.com
By: Associated Press
MasterCard is splitting its stock for the first time since the credit card processor went public more than seven years ago.
The maneuver announced Tuesday is designed to make MasterCard's stock more attractive by making it less expensive to buy individual shares.
MasterCard also is raising its quarterly dividend by 83 percent.
The 10-for-1 split calls for stockholders to receive nine additional shares for each one they already own. That means MasterCard will issue nearly 1.1 billion more shares, an increase that will dramatically drive down its stock price.
MasterCard's stock closed Tuesday $763.61. At that value, a 10-for-1 split would lower the price to below $80.
The Purchase, N.Y. company's stock has increased nearly twentyfold from its initial public offering price of $39 in May 2006.