KB Home announces $1B share buyback, raises quarterly dividend 25%

KB Home announced that its Board of Directors authorized the repurchase of up to $1.00 billion of the Company’s outstanding common stock, replacing a prior authorization, which had $113.6 million remaining. The Company intends to continue its share repurchases in 2024 in a projected range of between $200 million and $400 million for the full year, including $50 million of share repurchases completed during the Company’s 2024 first quarter. The Company’s Board also approved an increase in the quarterly cash dividend on the Company’s common stock to $.25 per share from $.20 per share. This 25% increase results in an annualized dividend of $1.00 per share, representing a yield of approximately 1.6%, based on the closing price of KB Home’s common stock on April 17, 2024. The yield is in-line with the Company’s long-standing target of about 1.5%. Together with the increase the Board authorized in July 2023, the Company has raised its quarterly dividend by 67% in the past nine months. In addition, the Company’s Board of Directors declared a quarterly cash dividend, at the $.25 per share rate, which will be payable on May 23, 2024, to stockholders of record on May 9, 2024.