Advance Auto Parts (AAP) will raise its quarterly dividend by 316.7 percent to $0.25 per share in 2020. This is the first dividend increase by the automotive aftermarket parts provider since a quarterly dividend was initiated in 2006.

The next dividend is payable April 3, 2020 to shareholders of record at the close of business on March 20, 2020. A new annual dividend rate of $1.00 per share yields 0.9% at a stock price of $113.69.

Advance Auto Parts, Inc. provides automotive aftermarket parts in North America, serving professional and do-it-yourself, customers. The company's stores and branches offer a selection of brand name, original equipment manufacturer and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks. Advance Auto Parts operates stores and Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The company also serves independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands.