Lowe's board approves new $5 billion share buyback program

The resurgence of the housing market has Lowe’s feeling optimistic, to the tune of $5 billion.

The company’s board of directors announced that it 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 Jan. 30.

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 23 cents per share, payable May 6, 2015, to shareholders of record as of April 22, 2015.

Lowe's has 1,840 home improvement and hardware stores and more than 265,000 employees.