Brunswick Corporation (BC) will raise its quarterly dividend by 12.5 percent to $0.27 per share in 2020. This marks the eighth consecutive year of dividend increases.

The dividend will be payable on December 18, 2020, to shareholders of record at the close of business on November 24, 2020. A new annual dividend rate of $1.08 per share yields 1.7% at a stock price of $65 for Brunswick Corp.

Marine outboard engine maker Brunswick has a great dividend track record with eight consecutive years of double digit dividend increases. Last year the dividend was hiked by 14.3 percent and the average annual dividend increase announced in the last five years is 12.5 percent. The company will now pay an estimated $85 million in dividends to its shareholders annually.

“Our decision to increase the dividend is evidence of our board’s confidence in the strength of our focused marine portfolio and reflects our ongoing commitment to execute against our strategy and capital plans,” said Brunswick Chief Executive Officer David Foulkes.  “The healthy marine market and the strong demand we continue to see for our industry leading brands, including the strong and steady profitability of our Parts & Accessories business, reflects the belief in our ability to continue to create long-term value for our shareholders.”

Earlier Today American Electric Power and Whirlpool announced dividend increases.

Brunswick Corporation is a manufacturer of recreational marine products, including marine propulsion products, parts and accessories, and boat brands, and operate service and shared access businesses, including the boat club. The company's brands include Mercury, Mariner, MotorGuide, Ancor, Attwood, BEP, Blue Sea Systems, Czone, Del City, Garelick, Lenco Marine, Marinco, Mastervolt, Mercury, NAUTIC-ON, Park Power, Progressive Industries, ProMariner, Quicksilver, Whale, Land 'N' Sea, Kellogg Marine, Lankhorst Taselaar, Payne's Marine, BLA, Bayliner, Boston Whaler, Brunswick, Crestliner, Cypress Cay, Harris, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet, Uttern boats, Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group, SCIFIT and Brunswick billiards tables, accessories and game room furniture. Brunswick Corporation is a Delaware corporation incorporated on December 31, 1907. In 1925 Brunswick was listed on the New York Stock Exchange. Earlier Brunswick was also focused on selling products for active aging, rehabilitation, productive well-being, a complete line of billiards tables and other game room tables and accessories. In 2015 Brunswick completed the sale of its Bowling Products business. In 2019 Brunswick sold its Fitness business and in 2019 the company also acquired Freedom Boat Club.