09:49 AM EDT, 06/04/2024 (MT Newswires) -- Barrett Business Services ( BBSI ) said Tuesday that its board approved a 4-for-1 split of the company's common shares through a stock dividend.

Shareholders of record on June 14 will receive a dividend of 3 shares for each share held, the company said. The distribution is set for June 21 and the shares will begin trading on a split-adjusted basis on June 24.

The split is expected "to improve the overall trading efficiency of BBSI's stock and make stock ownership more accessible to a broader range of investors," the company said.

The number of outstanding Barrett shares outstanding will increase to about 26 million from about 6.5 million following the split, the company said.

Barrett shares were 0.3% higher in recent trading.

Price: 135.88, Change: -0.16, Percent Change: -0.11