Ford raised its cash dividend and split its stock.

The auto maker declared a 3-for-2 stock split in the form of a 50% stock dividend. The company said directors acted to raise the dividend by 18% to the highest level in Ford’s history--an annual rate of $3.30 based on the 180 million shares outstanding. The stock split and the 82 1/2-cent quarterly cash dividend will be paid June 2 to shareholders of record May 2, Ford said. After the stock split, the dividend rate will be set at 55 cents a share.