Lowe's Companies Inc. is raising its quarterly dividend by more than 14 percent.
The home improvement retailer plans to pay a dividend of 16 cents on Aug. 8 to shareholders of record as of July 25. Lowe's has declared a cash dividend each quarter since it went public in 1961.
The new dividend is up from its most recent payment of 14 cents per share.
Lowe's, based in Mooresville, N.C., operates more than 1,745 stores across North America.