Lowe's Companies announces 5% dividend increase for 2023
Dividend Aristocrat Lowe's Companies (LOW) has declared a quarterly cash dividend of one dollar and 10 cents ($1.10) per share, payable Aug. 9, 2023, to shareholders of record as of July 26, 2023. This represents a 5% increase over the company's previous dividend of one dollar and five cents ($1.05) per share.
"We have made tremendous strides with our Total Home strategy, which has enabled us to take market share, drive Pro loyalty, accelerate online growth and deliver value for DIY customers," said Marvin R. Ellison, Lowe's chairman, president and CEO. "Today's dividend increase reinforces our commitment to a best-in-class capital allocation strategy centered on delivering sustainable shareholder value."
Lowe's has paid a cash dividend every quarter since going public in 1961, and it has increased the dividend for more than 25 consecutive years. This new hike marks 62 consecutive years of dividend increases by LOW. The dividend yield for Lowe's is 2.1% at a stock price of $206.52.
Lowe's Companies, Inc. (NYSE: LOW) is a home improvement company serving approximately 19 million customer transactions a week in the United States and Canada. With fiscal year 2021 sales of over $96 billion, Lowe's and its related businesses operate or service nearly 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts.