By Colin Kellaher

Lowe's Cos. on Friday said its board raised the quarterly dividend by 31%, to $1.05, from 80 cents.

The new payout, equal to $4.20 a year, represents an annual yield of about 2.15% based on Thursday's closing price of $195.53, up from 1.64%.

The increase reflects the strength and consistency of the Mooresville, N.C., home-improvement retailer's cash flow and a commitment to return capital to the company's shareholders, it said.

The increased dividend is payable Aug. 3 to shareholders of record July 20, Lowe's said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 27, 2022 09:25 ET (13:25 GMT)

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