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Lennar raises dividend by 33%, ups buyback program by $5 billion

By Will Feuer

Lennar (LEN) raised its annual dividend to $2.00 a share, a 33% increase, and said the homebuilder's board has authorized a $5 billion increase to its share-repurchase program.

Based on the closing stock price of $148.16 on Tuesday, the dividend increase boosts the annual dividend yield to about 1.3%.

"Given the strength of our balance sheet, our strong cash position and our operating strategy driving cash flow, we are focusing more of our capital allocation on maximizing total shareholder returns," Co-Chief Executive Stuart Miller said.

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01-09-24 1843ET

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