Patrick Industries hikes dividend by 9.1% in 2024

Patrick Industries, a leading company in the building products sector, has announced a 9.1% increase in its quarterly dividend for 2024. 

The new quarterly dividend will rise to $0.60 per share, bringing the annual dividend per share to $2.40. Based on the company’s current stock price of $128.50 as of November 15, 2024, this results in a dividend yield of 1.9%.

The company has shown consistent dividend growth, with a 5-year compound annual growth rate (CAGR) of 19.1%. Despite having no 10-year CAGR record, Patrick Industries has maintained a five-year streak of increasing its dividends. The ex-dividend date for the upcoming payout is set for November 25, 2024. Another company annoucing a dividend hike is utility company Spire.

This announcement comes as Patrick Industries reports a strong year-to-date total return of 29.8%, underlining its robust performance in the building products market. In 2022 PATK announced a much bigger dividend hike of 36.4%.

Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands.