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The Monaco Coach Corp. Board of Directors has approved a 3-for-2 stock split for shareholders of record as of Aug. 20.

The stock split will increase the number of outstanding Monaco shares to 28.5 million, from 19 million.

The new shares will be distributed in the form of a stock dividend on Sept. 7. Shareholders will get a certificate representing one share for every two Monaco shares that they own.

A stock split will, initially, lower the market price for each of a company’s shares and Monaco’s stock was trading at almost $2 a share lower in early New York Stock Exchange trading today (Aug. 7).

However, a lower price per share means more investors could afford to buy Monaco stock, which will increase the value of investments in Monaco stock, according to Kay Toolson, chairman and CEO.