KB Home (NYSE:KBH) said its Board of Directors approved an increase in the company’s quarterly cash dividend to $0.20 from $0.15 per share.
The 33% increase results in an annualized dividend rate of $0.80 per share. It represents a yield of approximately 1.5%, based on the closing price of the company’s common stock on July 13, 2023.
Also, the company’s next quarterly cash dividend, at the $.20 per share rate, is payable on August 17, 2023, to stockholders of record on August 3, 2023.
“Our business is generating a significant level of operating cash flow and, as we continue to expand both our scale and our profitability, we expect our cash generation capabilities to increase as well,” said Chairman, President and CEO Jeffrey Mezger.
In June, the company reported a second-quarter FY23 sales growth of 3% to $1.77 billion, beating the analyst consensus of $1.42 billion.
It held $557 million in cash and equivalents as of May 31, 2023.
Also Read: KB Home’s FY24 Forecast Gets A Boost As High Orders Promise Stronger Closings, Credit Suisse Analyst Says
Price Action: KBH shares closed at $52.96 on Thursday.
