No one is disagreeing with you. But, what is, is. The average investor would prefer to buy a round lot of 100 as opposed to an odd lot of less than 100. Don't fight human psycholgy or you'll get run over.
Discounting dividend reinvestments, most of the odd lot purchasing I've seen over the years are parents/grandparents gifting stock to children. There are exceptions, but Jim Bob walks into a brokerage with ~$2500 he's more likely to buy 100 shares of a $25 stock instead of 50 shares of a $50 stock.
The above being said, who does a corporation [i.e. corporate insiders] want to own their stock? Several institutions with millions of dollars of the stock, many of which have become more involved in corporate decisions, or 1000's of small individual stockholders who will usually rubberstamp the BoD's proposals?
AND,if a high price is involved it will keep out the traders and short sellers that cause so much volatility. its a win for long term investors.
i happen to own cvx, which recently split.
i doubt it has increased in value much more than xom, which hasn't split.
investors will only buy a bargain.
Investment banker studies I remember from 8+ years ago support the fact that stocks that split with a dividend increase do appreciate in value because round lots are cheaper for individual investors. Institutions should care less. Warren clearly has no interest in growing individual ownership..his choice.
Don't look for BB&T to split before 60.
Anyone that is confused about politics under Daley, or unions in WVa since thats how JFK beat Nixon when his father bought both blocks of votes hasn't been riding that elevator all the way to the top. Those same folks may not be riding BBandTs elevator re splits early and often. Btw, where have all those BBandT is a lock for being bought folks drifted off to?