LAKELAND, Fla. — Publix said Monday that its board of directors has approved a 5-for-1 stock split and an increase in the number of authorized shares of its common stock from 1 billion to 4 billion shares. The company’s board also declared a quarterly dividend on its common stock.

Under the revised Florida Business Corporation Act, which became effective Jan. 1, 2020, no shareholder approval is required in connection with a stock split and the related increase in authorized shares.

The stock split and authorized shares increase will be effective as of the close of business on April 14. For each share of stock a shareholder owns, they will receive four additional shares issued from the stock split in book-entry form as an electronic certificate(s). The additional shares will be reported by Publix to the shareholder on a stock account transaction statement. Shareholders should keep existing paper stock certificates. Publix stock will begin trading at the split-adjusted price of $13.76 per share after the stock split.

A dividend on the post-split shares of 9 cents per share will be payable on May 2, either through direct deposit or mailed as a check, to shareholders of record as of the close of business April 15.