KB Home Cuts Div to $0.025 from $0.065/Share to Free Cash because of Improving Market
The board of directors of KB Home (NYSE: KBH) has declared a quarterly cash dividend of $.025 per share on the Company's common stock, reflecting its decision to reduce the Company's quarterly cash dividend from $.0625 per share. The dividend is payable on May 17 to stockholders of record on May 3, 2012. “Having ended the first quarter with a value of homes in backlog 30% greater than the year before, and with increases in all four regions of the business, we see signs that the housing market is recovering,” said Jeffrey Mezger, president and chief executive officer. “This modification in the dividend will help us to take advantage of growth opportunities while continuing KB Home's 25-year tradition of paying quarterly dividends to its stockholders.”
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