Company Raises Quarterly Cash Dividend 67% to $.15 Per Share
KB Home (NYSE: KBH) today announced that its Board of Directors approved an increase in the Company’s quarterly cash dividend on its common stock to $.15 per share from $.09 per share. This 67% increase raises the Company’s annual dividend rate to $.60 per share from the previous rate of $.36 per share, representing a yield of approximately 1.5%, based on the closing price of the Company’s common stock on October 8, 2020.
In addition, the Board of Directors declared the next quarterly cash dividend, at the $.15 per share rate, will be payable on November 26, 2020 to stockholders of record on November 12, 2020.
“As we have become a larger and more profitable company, generating significantly higher operating cash flow, our Board approved a meaningful increase in our cash dividend for the second consecutive year. We are managing our business to drive long-term stockholder value and remain committed to a balanced approach of expanding our scale while growing returns. In addition, we continue to prioritize returning cash to stockholders, primarily through our dividend, which we are proud to have consistently paid each quarter for more than 30 years,” said Jeffrey Mezger, Chairman, President and Chief Executive Officer.
“With the momentum in housing market demand driving robust year-over-year net order expansion—in both our 2020 third quarter, as well as in the first five weeks of our fourth quarter, during which time our net orders have increased 39% relative to the comparable prior-year period—we believe we are well positioned to deliver higher revenues and drive significant improvement in our return on equity in 2021,” continued Mezger.
About KB Home
KB Home is one of the largest and most recognized homebuilders in the United States and has been building quality homes