Homebuilder Lennar Corp's (NYSE:LEN) Board of Directors has increased its annual dividend to $2.00 from $1.50 per share.

The move will result in a quarterly cash dividend of $0.50 per share for both Class A and Class B common stock. The dividend is payable on February 7, 2024, to holders of record at the close of business on January 24, 2024.

In October, Lennar paid a quarterly cash dividend of $0.375 per share for both Class A and Class B common stock.

Lennar's Board of Directors has also authorized an increase to the company's stock repurchase program to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock.

Repurchases are authorized to be made in open-market or private transactions and has no expiration date.

"Given the strength of our balance sheet, our strong cash position and our operating strategy driving cash flow, we are focusing more of our capital allocation on maximizing total shareholder returns," said Executive Chairman and Co-CEO Stuart Miller.

During the fourth quarter of 2023, the company repurchased 3 million shares of its common stock for $337 million at an average per share price of $112.49.

As of November 30, 2023, the company had $6.3 billion of Homebuilding cash and cash equivalents.

Also Read: Lennar's Agile Strategy In Challenging Market Yields Growth: Analyst Boosts Price Target By 10%

Price Action: LEN shares closed lower by 0.77% at $148.16 on Tuesday.

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