GATX Corporation (GATX) will raise its quarterly dividend by 4.3 percent to $0.48 per share in the first quarter of 2020. This marks the company's 10th consecutive year of annual dividend increases and follows a similar 2 cent hike to 46 cents last year.

The next dividend is payable March 31, 2020, to shareholders of record on February 28, 2020 and the new annualized rate of $1.92 per share yields 2.5% at a stock price of $76.13.

In today's press release Brian A. Kenney, president and chief executive officer of GATX stated, “2020 marks our 102nd consecutive year of paying a dividend, a track record that few companies can match.  This dividend increase reflects the board’s confidence in GATX’s long-term outlook and demonstrates the Company’s continued commitment to return capital to our shareholders.”

GATX Corporation is a railcar leasing company with fleets in North America, Europe and Asia. In addition GATX operates a fleet of US-flagged vessels on the Great Lakes and owns and manages other assets. The company operates through four business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company (“ASC”). GATX, headquartered in Chicago, Illinois, since its founding in 1898, has paid quarterly dividends without interruption since 1919.