KB Home Increases Stock Repurchase Authorization and Declares Third Quarter 2021 Dividend
09 July 2021 - 6:10AM
Business Wire
KB Home (NYSE: KBH) today announced that its Board of Directors
authorized an expansion of the Company’s stock repurchase program
from approximately two million shares to up to five million shares
of the Company’s common stock. Repurchases may occur periodically
through open market purchases, privately negotiated transactions or
otherwise, with the timing and amount at management’s discretion
and dependent on market, business and other conditions.
In addition, the Board of Directors declared a quarterly cash
dividend of $.15 per share on the Company's common stock, payable
on August 19, 2021 to stockholders of record on August 5, 2021.
“As our business continues to generate a significant level of
operating cash flow, we are using a consistent and balanced
approach in allocating our capital, by investing in our future
growth, addressing our debt maturities, and returning cash to
stockholders, with one of the highest dividend yields in our
industry. At the same time, we want to be positioned to repurchase
our shares opportunistically and this increased authorization
provides us with that flexibility,” said Jeffrey Mezger, Chairman,
President and Chief Executive Officer.
About KB Home KB Home is one of the largest and most
recognized homebuilders in the United States and has built nearly
650,000 quality homes in our more than 60-year history. Today, KB
Home operates in 45 markets from coast to coast. What sets KB Home
apart is the exceptional personalization we offer our
homebuyers—from those buying their first home to experienced
buyers—allowing them to make their home uniquely their own, at a
price that fits their budget. As the leader in energy-efficient
homebuilding, KB Home was the first builder to make every home it
builds ENERGY STAR® certified, a standard of energy performance
achieved by fewer than 10% of new homes in America, and has built
more ENERGY STAR certified homes than any other builder. An
energy-efficient KB home helps lower the cost of ownership and is
designed to be healthier, more comfortable and better for the
environment than homes without certification. We build strong,
personal relationships with our customers so they have a real
partner in the homebuying process. As a result, we have the
distinction of being the #1 customer-ranked national homebuilder in
third-party buyer satisfaction surveys. Learn more about how we
build homes built on relationships by visiting kbhome.com.
Forward-Looking and Cautionary Statements Certain matters
discussed in this press release, including any statements that are
predictive in nature or concern future market and economic
conditions, business and prospects, our future financial and
operational performance, or our future actions and their expected
results are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on current expectations and projections about
future events and are not guarantees of future performance. We do
not have a specific policy or intent of updating or revising
forward-looking statements. Actual events and results may differ
materially from those expressed or forecasted in forward-looking
statements due to a number of factors. In particular, our ability
to maintain our present capital allocation approach and/or
repurchase shares of our common stock pursuant to our board of
directors’ authorization will be affected by our ability to
generate free cash flow at the levels anticipated and our ability
to successfully implement our business strategies and achieve any
associated financial and operational targets and objectives. Please
see our periodic reports and other filings with the Securities and
Exchange Commission for a further discussion of risks and
uncertainties applicable to our business.
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version on businesswire.com: https://www.businesswire.com/news/home/20210708005198/en/
For Further Information: Jill Peters, Investor Relations
Contact (310) 893-7456 or investorrelations@kbhome.com
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