Monday, Dec. 8, 2003 | 11:01 a.m.
LOS ANGELES -- KB Home, the sixth-largest U.S. home builder by stock market value and the largest in Las Vegas, is more than tripling its annual cash dividend from 30 cents to $1 a share.
The first dividend will be paid on Feb. 25 at a quarterly rate of 25 cents a share to shareholders of record as of Feb. 11.
KB, which delivers more than 25,500 homes a year, last week said that orders in the three months through Nov. rose 14 percent, with the fastest pace taking place in the southeast. The company's shares have gained 58 percent this year.
KB shares rose 11 cents to $67.83 in New York Stock Exchange composite trading Friday. The news was announced after U.S. markets closed.
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