PulteGroup Hikes Buyback Plan and Restarts Dividend Payout

Homebuilder PulteGroup (NYSE: PHM  ) announced yesterday that it has reinitiated its quarterly dividend of $0.05 per share. It suspended the payout in November 2008 due to the downturn in the housing market. The board of directors said the quarterly dividend is payable on Aug. 12 to the holders of record at the close of business on Aug. 5. 

The board also announced it was increasing its share repurchase authorization by $250 million, giving the homebuilder a total of $352 million in buyback authorization. It has not made any repurchases under the program since 2006.

Although the initiation of the dividend again was done without fanfare, PulteGroup Executive VP and CFO Bob O'Shaughnessy said, "These announcements illustrate our confidence in the long-term prospects of PulteGroup, and are consistent with our focus on enhancing shareholder value and our desire to return capital to our shareholders."

The regular dividend payment equates to a $0.20-per-share annual dividend, yielding 1.2% based on the closing price today of PulteGroup's stock.

PHM Dividend Chart

PHM Dividend data by YCharts


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2560315, ~/Articles/ArticleHandler.aspx, 4/16/2014 3:51:07 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement