Homebuilder firm Lennar Corporation said it increased its annual dividend to $2 per share resulting in a quarterly cash dividend of $0.50 per share for both Class A and Class B shares, on Tuesday.
The company raised its annual dividend from an initial amount of $1.50 per share, and it is payable on February 7 to shareholders of record at the close of business on January 24.
Also, Lennar’s board authorized an increase to its stock repurchase program to enable the buyback of up to an additional $5 billion in value of its outstanding Class A or Class B common stock that is to be made in open-market or private transactions and has no expiration date.
Stuart Miller, Co-Chief Executive of Lennar said, “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, we are pleased also to increase both our dividend and our share repurchase authorization.”
Lennar Corp builds homes for all generations with a financial services segment that provides mortgage financing, through LMF Commercial, and originates mortgage loans secured primarily by commercial real estate properties throughout the United States.
In mid-December, Miami-based Lennar, beat fourth-quarter revenue estimates as tight supply of homes in the United States supported demand despite high mortgage rates, reported the Reuters News Agency.
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