Off-road vehicle maker Polaris Industries (PII) will raise its quarterly dividend by 1.6 percent to $0.62 per share in the first quarter of 2020. This follows a 1.9 percent dividend hike by Polaris last year and marks the 25th consecutive year of annual dividend increases.

The next quarter dividend will be payable on March 16, 2020 to shareholders of record at the close of business on March 2, 2020. A new annualized dividend rate of $2.48 per share yields 2.7% at a stock price of $91.84.

In the company's press release Scott Wine, Polaris’ Chairman and CEO, stated, “Throughout our 65 year history, Polaris has displayed an unwavering commitment to being the Best in Powersports Plus through innovation, quality and safety. Our dedication to this cause has forged enduring relationships with our customers and driven profitable growth. As a result, we are able to raise our annual dividend for the 25th consecutive year, proudly entering the esteemed club of Dividend Aristocrats. Consistent capital return to our shareholders will remain a priority for our Board and management team as we execute our vision to be a customer-centric, highly efficient growth company.”

Polaris Industries Inc. manufactures off-road vehicles, snowmobiles, motorcycles and global adjacent markets vehicles. Its brands include RZR, Indian Motorcycle and Slingshot. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets globally includes military and commercial off-road vehicles, quadricycles, and electric vehicles.