MGP Ingredients, Inc. (MGPI) will raise its quarterly dividend by 20.0 percent to $0.12 per share in 2020. This will mark the 6th consecutive year of dividend increases by the supplier of premium distilled spirits and specialty wheat proteins and starches.

The next dividend is payable on March 27, 2020 to stockholders of record as of March 13, 2020. A new annualized rate of 48 cents per share yields 1.7% at a stock price of $28.79.

MGP is a producer and supplier of premium distilled spirits and specialty wheat proteins and starches. The Company operates through two segments: distillery products and ingredient solutions.  Distilled spirits include premium bourbon and rye whiskeys, gins and vodkas. Its ingredient solutions segment consists of specialty wheat starches, specialty wheat proteins, commodity wheat starch and commodity wheat protein or vital wheat gluten.