Shares of Buckle (NYSE:BKE) tumbled nearly 9% on Tuesday as shareholders expressed their displeasure after the apparel and footwear retailer declined to enact a special dividend.
Breaking a two-year streak of one-time dividends, Buckle announced its board of directors signed off on a 20-cent-a-share quarterly dividend. The dividend is to be paid on October 27 to shareholders of record as of October 15.
The 20-cent dividend payment contrasts markedly with cash dividends of $3 and $1.80 in 2008 and 2009, respectively.
Buckle’s stock had rallied into the dividend announcement, soaring $4.70, or 19.01%, in the month ending on Monday. Shares of the retailer sank 8.82% to $26.58 Tuesday, returning it to the unchanged mark for the year.