Lennar Corp. doubles dividend

/ / News

Lennar Corp. said late Thursday its board of directors has increased the company’s annual dividend to $1 a share from 50 cents a share, resulting in a quarterly cash dividend of 25 cents a share for Class A and Class B common stock. The dividend is payable on Oct. 30 to holders of record at the close of business on Oct. 16. “Given our confidence in our operating platform and resulting cash flow generation, we believe a diversified program of debt reduction, stock repurchase and now an increased dividend, is appropriate,” Executive Chairman Stuart Miller said in a statement. Shares of the homebuilder rose 0.5% in the extended session Thursday after ending the regular trading day up 1.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.