Ruth's Hospitality Group, Inc. (RUTH) will suspend its quarterly dividend in 2020 because of the COVID-19 pandemic. Earlier this year the steakhouse company had raised its quarterly dividend by  15.4 percent to $0.15 per share. This ends seven consecutive years of dividend increases announced by the company.

“The safety and well-being of our team members and guests is our priority in these challenging times. Our brand has a rich history of rising to the occasion and I am proud of our team’s response to this unprecedented situation,” said Cheryl Henry, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc. in the company's press release providing an update on actions taken in response to COVID-19. “Our management team and Board of Directors have taken significant measures to enhance our financial flexibility during this time which includes drawing down and expanding our credit facility, suspending our dividend, and materially reducing capital expenditures as we weather the challenges related to COVID-19.”

Ruth's Hospitality Group, Inc., headquartered in Winter Park, Florida, develops and operates fine dining restaurants under the trade name Ruth's Chris Steak House. The company operates its own company-owned restaurants and franchisee-owned restaurants located in the United States, Aruba, Canada, China, Hong Kong, Indonesia, Japan, Mexico, Singapore and Taiwan. The company was founded in 1965 and became a public company in 2005.