Kroger just announced a stock split, higher dividends, and a $500 million buyback

Kroger has some news for shareholders.

In a statement Thursday, the company announced its board has approved a 2-for-1 stock split and a new $500 million buyback program.

It is also raising its quarterly dividend 13.5% to 21 cents per share on a pre-split basis.

In the statement, CEO Rodney McMullen said, "today's actions reflect our Board of Directors' confidence in Kroger's long-term performance and ability to deliver growth consistently to our investors. The stock split will increase the accessibility of our shares and liquidity in the trading of our shares.

The stock split will go into effect by July 13 for investors who own shares as at the end of day on July 6.

Trading of Kroger shares were briefly halted before the news, and were lower but little changed, around $72.76.

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