Lowe's Approves $3 Billion Stock Buyback, Boosts Dividend

Lowe's said Friday its board approved a $3 billion increase to the home improvement retailer's stock buyback program through fiscal 2009 and increased its dividend.

Including Friday's increase, Lowe's has about $3.8 billion remaining under the repurchase authorization.

Since 2004, the Charlotte, N.C., company has repurchased $4.2 billion in stock. It has about 1.5 billion shares outstanding as of May 4.

Lowe's also increased its quarterly cash dividend 60% to 8 cents a share from 5 cents, payable Aug. 3 to shareholders of record July 20.

Lowe's shares rose 19 cents to $32.25 in morning trading.