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.