D.R. Horton Raises Dividend

The homebuilder will pay out 9 cents a quarter.
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D.R. Horton

(DHI) - Get Report

will send about $37 million more out the door each year to shareholders after raising its dividend by 50% Monday.

The homebuilder, whose stock has more than doubled over the last year, raised its quarterly dividend to 9 cents from 6 cents, with the first payment scheduled for Aug. 19 to stocks of record on Aug. 5. At Friday's close of $41.49, the stock now yields a little under 0.9%, based on a 36-cent annual dividend.

The increase brings Horton's full-year dividend layout to about $112 million, based on roughly 312 million shares outstanding. The company had $1.14 billion in earnings available to shareholders in the 12 months to March 2005.