American General Declares 7% Increase in Common Dividend and Declares Regular Preferred Stock Dividend.HOUSTON--(BUSINESS WIRE)--Jan. 21, 1999--American General (NYSE NYSE See: New York Stock Exchange :AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ) today announced that the board of directors declared a 7% increase in the quarterly cash dividend on common stock to $.40 per share. The dividend is payable March 1, 1999 to holders of record as of Feb. 11, 1999. This brings the annual rate to $1.60 per share. The dividend will be the company's 281st consecutive quarterly common dividend paid since 1929, and represents the 24th consecutive annual increase in the regular dividend rate. American General's board of directors also declared a regular quarterly cash dividend of $.6433 per share on the company's 7% mandatorily convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The preferred dividends are payable March 1, 1999 to holders of record as of Feb. 11, 1999. American General Financial Group is one of the nation's largest diversified financial services organizations, with assets of $102 billion and market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $18 billion. Headquartered in Houston, it is a leading provider of retirement services, life insurance and consumer loans to over 12 million customers. American General common stock is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pacific, London and Swiss stock exchanges. |
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