RPM International (RPM) will raise its quarterly dividend by 5.6 percent to 38 cents per share in 2020. This follows 2.9 percent dividend hike to $0.36 per share in 2019 will mark the 47th consecutive year of annual dividend increases by the specialty chemicals company.

The next dividend is payable on October 30, 2020, to stockholders of record as of October 19, 2020. A new annual rate of $1.44 per share yields 2.1% at a stock price of $68.51.

“One of the primary ways we continuously reward our shareholders is by annually increasing our cash dividend,” stated Frank C. Sullivan, RPM chairman and CEO in today's press release announcing the dividend hike. “Increasing the dividend, combined with an appreciating stock price, is key to our ability to consistently deliver long-term value and outperform the cumulative total return of the broader market.”

RPM International will pay its shareholders a total dividend amount of approximately $197 million based on the the number of shares outstanding an the new annual dividend rate. The average annual dividend increase in the last five years for RPM is 6.7 percent with no double digit dividend hikes announced in the last decade.

RPM International Inc. is a manufacturer of specialty coatings, sealants, building materials and related services. The company's four reportable segments are Construction Products, Performance Coatings, Consumer and Specialty Products. RPM's brands include API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. RPM was founded in 1947 and typically pays its quarterly dividends on the 31st of July, October and January and the 30th of April. Since beginning its focus on an annually growing dividend in 1973, RPM has grown from $25 million in annual sales to more than $5 billion, while delivering $2.6 billion in after-tax capital to its shareholders through its cash dividend program.