Patrick Industries’ Board of Directors approved an increase to the company’s quarterly cash dividend.
The board approved raising the dividend from 45 cents per share to 55 cents per share, a 22% increase.
The dividend is payable Dec. 11, 2023, to shareholders of record at the close of business Nov. 27.
Patrick CEO Andy Nemeth said, “The decision to increase our quarterly dividend reflects our confidence in our solid balance sheet liquidity position, cash flows and continued commitment to a disciplined capital allocation strategy, all of which will enable us to grow shareholder value over time.”
The company has 22.13 million shares outstanding, according to Yahoo Finance. The dividend payment will return about $12.17 million to shareholders.
The dividend increase added $2.21 million to the RV supplier’s quarterly payment.