Lowe’s Companies, Inc., the home improvement retailer, boosted its quarterly cash dividend by 9 percent, the company announced on Friday.

Lowe’s will pay out a quarterly cash dividend of 60 cents per share, an increase of 9 percent from the prior quarterly dividend, for a payout of approximately $455 million.

The third-quarter dividend is payable on Nov. 4 to all shareholders as of Oct. 21.

In the release, Lowe’s CEO Marvin Ellison cited “confidence in our continued, broad-based momentum and robust cash flow” as reasons for the quarterly cash dividend hike.

“This increase reflects our commitment to delivering strong shareholder returns through our disciplined capital allocation program,” Ellison said.

Last week, the big-box home improvement and hardware retailer reported stronger-than-expected second-quarter earnings results, driven by a surge in e-commerce sales.

Shares of Lowe’s (LOW) were last trading up 46 cents near $166.09 on Tuesday.