Lowe's raises 2022 dividend by 31.3% to $1.05 quarterly

Dividend Aristocrat Lowe's had announced a 30%+ dividend hike in both 2022 and 2021 (image source: company website)

Home improvement giant Lowe's Companies (symbol LOW) again announces a 30 percent + dividend hike with a 31.3 percent increase to $1.05 quarterly. Last year Lowe's already announced a 33.3 percent dividend hike.

This new dividend hike by LOW marks 61 consecutive years of dividend increases by the Dividend Aristocrat. The board of directors of Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of one dollar and five cents ($1.05) per share, payable August 3, 2022 , to shareholders of record as of July 20, 2022. This represents a 31 percent increase over the company's previous quarterly dividend of eighty ($0.80) cents per share.

"I am pleased with the meaningful progress that we have made in our journey to becoming a world-class omnichannel retailer, and I am excited about the opportunities that lie ahead," said Marvin R. Ellison, Lowe's chairman, president and CEO. "Today's dividend increase reflects the strength and consistency of our cash flow and our continued commitment to returning capital to our shareholders."

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. Lowe's now pays an estimated $2.68 billion in dividends to shareholders annually.

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.