Benzinga | Jul 9, 2021 09:30AM EDT

KB Home Expands Stock Repurchase Up To 5 Million Shares; Declares Dividend

* KB Home's (NYSE:KBH) board of directors has approved an expansion of the company's stock repurchase program from 2 million shares to up to 5 million shares of the company's common stock.

* The Board of Directors also declared a quarterly cash dividend of $0.15 per share of common stock, payable on August 19, 2021, to stockholders of record on August 5, 2021.

* "We want to be positioned to repurchase our shares opportunistically and this increased authorization provides us with that flexibility," said CEO Jeffrey Mezger.

* The cash and equivalents of the company totaled $608.1 million as of May 31, 2021.

* Price action: KBH shares are trading higher by 1.34% at $39.35 premarket on the last check Friday.