Watsco (WSO) will raise its quarterly dividend by 10.9 percent to $1.775 per share in 2020. This follows a 10.3 percent dividend hike last year by the HVAC products distibutor. This will mark the 7th consecutive year of dividend increases for the company.

The next dividend is payable on April 30, 2020 to shareholders of record at the close of business on April 15, 2020. A new annual dividend rate of $7.10 per share yields 4.6% at a stock price of $157.

Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies. In addition to the replacement market, Watsco sells to the new construction market.  The company was incorporated in Florida in 1956, and operates in the U.S. States, Canada, Mexico, and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean. Dividends have been paid every year since 1975.