Home Depot Inc. said Tuesday it will raise its quarterly dividend by 10.0%, to $2.09 a share from $1.90 a share.
The home improvement retailer said shareholders of record on March 9 will be paid the dividend on March 23.
Based on Home Depot’s current stock price
HD,
the new annual dividend rate of $8.36 a share, implies a dividend yield of 2.81%. That compares with the current dividend yield for rival Lowe’s Companies Inc.’s stock
LOW,
of 2.07% and the implied yield for the S&P 500 index
SPX,
of 1.70%.
Home Depot’s stock took a 6.3% dive in afternoon trading, in the wake of a disappointing quarterly earnings report and full-year guidance.
The company said the dividend payment in March will mark the 144th straight quarter it has paid a cash dividend. In 2022, the company paid out $7.79 billion in dividends to its shareholders, and spent $6.70 billion on share repurchases.
The stock has lost 14.1% over the past 12 months, while Lowe’s shares have slid 8.9% and the S&P 500 has declined 7.9%.
Source: https://www.marketwatch.com/story/home-depot-dividend-hike-boosts-yield-above-2-6-7322ed11?siteid=yhoof2&yptr=yahoo