Old Dominion Freight Line (ODFL) will raise its quarterly dividend by 35.3 percent to $0.23 per share in the first quarter of 2020. This follows similar 30.0+ percent dividend hikes by the transportation company in the previous two years.

The next dividend is payable on March 18, 2020, to shareholders of record at the close of business on March 4, 2020. A new annualized dividend rate of 92 cents per share yields 0.4% at a stock price of $220.59.

Old Dominion Freight Line, Inc. is a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL services. The company's service offerings, which include expedited transportation, are provided through an network of service centers located throughout the continental United States. Through alliances, the company also provides LTL services throughout North America. In addition to its core LTL services, Old Dominion also offers other services including container drayage, truckload brokerage and supply chain consulting. Old Dominion Freight Line became a public company in 1991 and has paid a dividend since 2017.