UFP Industries, formerly Universal Forest Products (UFPI), will switch from a semi-annual to a quarterly dividend with a first payment of $0.125 per share to be paid in March. This is a 25.0 percent increase from the prior annual dividend rate and marks the 8th consecutive year of dividend increases by the company.

The next dividend is payable on March 15, 2020, to shareholders of record on March 1, 2020. A new annual rate of 50 cents yields 1.0% at a stock price of $48.59.

“The hard-working people of UFP Industries have been producing excellent results, and we’re thrilled to share the rewards of their success with shareholders by increasing the dividend payment and the frequency of payments,” said Chairman William G. Currie in today's press release. “We thank our shareholders, many of whom are employees, for investing in UFPI and making our success possible.”

UFP Industries, formerly Universal Forest Products, is a holding company whose subsidiaries supply wood, wood composite and other products to retail, construction and industrial markets.  Founded in 1955, the Company is headquartered in Grand Rapids, Michigan, with affiliates throughout North America, Europe, Asia and Australia. UFP Industries has paid a dividend every year since 1993.