MOORESVILLE, N.C., March 20, 2015 /PRNewswire/ -- Reflecting its commitment to return excess cash to shareholders, the Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has authorized a new repurchase program of $5 billion of the company's common stock. This new repurchase program has no expiration date and adds to the previous program's balance, which was $2.4 billion as of January 30, 2015. Repurchases will be subject to market conditions and will be made from time to time either in the open market or through private off-market transactions in accordance with the requirements of the Securities and Exchange Commission. The company's repurchase program may be suspended, discontinued or resumed at any time.
In addition, the Board of Directors has declared a quarterly cash dividend of twenty three cents ($0.23) per share, payable May 6, 2015, to shareholders of record as of April 22, 2015.