Lowe’s Companies, Inc. (LOW) Boosts Quarterly Cash Dividend to $1.20 Per Share

On May 30, Lowe’s Companies, Inc. (NYSE:LOW) declared a 4% hike in its quarterly dividend to $1.20 per share.

Lowe’s Companies, Inc. (NYSE:LOW) is a North Carolina-based home improvement company that serves around 16 million customer transactions weekly across the US. The company runs more than 1,700 stores and has a workforce of about 300,000 employees.

With this dividend increase, the company stretched its dividend growth streak to 60 years. Moreover, it has paid regular dividends to shareholders since 1961.

Marvin R. Ellison, Lowe’s Companies, Inc. (NYSE:LOW)’s chairman, president and CEO, made the following comment:

“We are pleased with the ongoing transformation of the company, despite near-term challenges in the macro environment. We’re evolving our Total Home strategy so that we will be well-positioned to capitalize on the expected recovery in home improvement, and we continue to make the right investments in long-term growth. This dividend increase reflects the Board’s confidence in these investments, and the company’s commitment to delivering sustainable shareholder value through a disciplined capital allocation strategy.”

LOW will trade ex-dividend on July 23 and has a dividend yield of 2.04%, as of May 30. The stock has surged by nearly 5% in the past 12 months.

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