Home Depot Increases Dividend

The retailer boosts its quarterly payout by 50% to 22.5 cents a share.
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Home Depot

(HD) - Get Report

boosted its dividend for the second time this year.

The home-improvement retail giant said Thursday that it will pay a quarterly dividend of 22.5 cents a share, up 50% from its prior payout of 15 cents. The company had already increased its dividend in January from 10 cents.

The news comes two days after Home Depot reported

disappointing third-quarter earnings and cut its full-year outlook as it continues to be hurt by the weak housing market.

"While the housing market is challenging, our strong financial discipline and clear growth strategy allow us to reinvest in our retail stores and also return cash to our shareholders," said CEO Bob Nardelli in a statement.

The company has about 2.06 billion shares outstanding, which means its annual payout would total roughly $1.85 billion.

Shares of the

Dow

component recently were up 10 cents to $37.72.