Lowe's Companies increases dividend for 59th year in 2020
Earlier this year Lowe's skipped its annual dividend hike that is normally announced during the second quarter. This time shareholders received five payments of 55 cents before this new dividend increase to 60 cents was announced on August 21, 2020.
The higher dividend of sixty cents is payable November 4, 2020, to shareholders of record as of October 21, 2020. A new dividend rate of 2.40 USD per year yields 1.5 percent at Friday's closing price of $161.72. Lowe's has declared a cash dividend every quarter since going public in 1961.
"Based on our confidence in our continued, broad-based business momentum and robust cash flow generation, we are pleased to announce a nine percent increase in our dividend today," said Marvin Ellison, Lowe's president and CEO. "This increase reflects our commitment to delivering strong shareholder returns through our disciplined capital allocation program."
Other US Dividend Aristocrats announcing a dividend hike this month are Dover Corporation and newcomer Federal Realty Invesment Trust.
Lowe's Companies, Inc. is a home improvement retailer. The Company operates approximately 1,860 home improvement and hardware stores, representing approximately 200 million square feet of retail selling space. The Company operates approximately 1,800 stores located across over 50 states in the United States, including approximately 80 Orchard Supply Hardware (Orchard) stores in California and Oregon, as well as approximately 40 stores in Canada and over 10 stores in Mexico.The Company offers home improvement products in categories, including Lumber and Building Materials; Tools and Hardware; Appliances; Fashion Fixtures; Rough Plumbing and Electrical; Lawn and Garden; Seasonal Living; Paint; Flooring; Millwork; Kitchens; Outdoor Power Equipment, and Home Fashions.
