Lowe's hikes dividend by 4.8% to $1.10 quarterly in 2023

On May 26, 2023, Lowe's Companies (LOW) declared a new quarterly dividend of $1.10 per share, up 4.8% from the previous quarterly dividend. This marks 62 consecutive years of dividend growth and also is the smallest dividend hike in many years.

The board of directors for Lowe's Companies, Inc. has declared a quarterly cash dividend of one dollar and 10 cents ($1.10) per share, payable Aug. 9, 2023, to shareholders of record as of July 26, 2023. This represents a 5% increase over the company's previous dividend of one dollar and five cents ($1.05) per share.

"We have made tremendous strides with our Total Home strategy, which has enabled us to take market share, drive Pro loyalty, accelerate online growth and deliver value for DIY customers," said Marvin R. Ellison, Lowe's chairman, president and CEO. "Today's dividend increase reinforces our commitment to a best-in-class capital allocation strategy centered on delivering sustainable shareholder value."

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 Companies, Inc. is a home improvement retailer. The company operates home improvement and hardware stores in The United States, Canada and Mexico. The Canadian Stores include RONA Inc., acquired by Lowe's in 2016. The company's customers include homeowners, renters, and professional customers. Lowe's was founded in 1946, incorporated in North Carolina in 1952 and has declared a cash dividend every quarter since going public in 1961.