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6/26/2012 12:24 PM ET

Duke Energy (DUK: Quote) Tuesday declared a quarterly cash dividend of $0.255 on its common stock, up a half-cent over the previous level. The dividend is payable on September 17, to shareholders on record August 17.

The company also announced a 1-for-3 reverse stock split, following the anticipated closing of its merger with Progress Energy, on or about July 1. Duke Energy also said that the dividend will be automatically adjusted to $0.765, if the Merger is closed on or prior to the dividend record date.

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