PulteGroup Inc. (NYSE: PHM) announced that its board of directors approved a $1.5 billion increase to the company's share repurchase authorization, bringing the total authorization to $2.1 billion.

The Atlanta-based homebuilder said the decision aligns with its capital allocation strategy of investing in business operations, paying dividends and returning excess funds to shareholders. President and CEO Ryan Marshall stated that over the past decade, the company has invested $38 billion into its business while returning $9 billion to shareholders through dividends and share repurchases.

PulteGroup operates in more than 45 markets across the United States through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods. The company describes itself as one of America's largest homebuilding companies.

The information was disclosed in a company press release.