Lowe's Cos. Inc.'s board of directors at the June 2 annual meeting declared a 17% increase in the company's quarterly cash dividend to 41 cents per share.
The dividends will be paid Aug. 9 to shareholders of record as of July 26.
Shareholders of the home improvement retailer also re-elected 11 directors to the company's board.
Raul Alvarez, Angela Braly, Sandra Cochran, Laurie Douglas, Richard Dreiling, Robert Johnson, Marshall Larsen, James Morgan, Robert Niblock, Bertram Scott and Eric Wiseman were elected as directors to serve until the annual meeting of shareholders in 2018.
The shareholders also ratified the appointment of Deloitte & Touche LLP as the company's independent auditor for fiscal 2017.