KB Home board authorizes $1 billion stock buyback, raises dividend by 25%
By Dean Seal
KB Home's board has authorized the repurchase of up to $1 billion in shares and raised the company's quarterly dividend to 25 cents a share from 20 cents.
The Los Angeles-based homebuilder said on Thursday the new stock buyback program replaces the previous authorization, which had $113.6 million remaining.
KB Home (KBH) said it intends to repurchase $200 million to $400 million in shares this year, including the $50 million in buybacks it made in the first quarter.
The board has also approved a 25% boost to its quarterly dividend. The new payout, equal to $1 a year, represents an annual yield of about 1.65% based on Thursday's closing price of $60.41.
The company's directors have raised the quarterly dividend by about two thirds in the past nine months.
The latest quarterly dividend will be paid on May 23 to shareholders of record as of May 9.
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04-18-24 1722ET
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