Patrick Industries (PATK) will increase its quarterly dividend by 12.0 percent to $0.28 per share in 2020. A new annualized dividend rate of $1.12 per share yields 1.8% at a stock price of $61.57 for PATK.

The major manufacturer and distributor of component and building products for the recreational vehicle, marine, manufactured housing and industrial markets, will pay the increased dividend on December 14, 2020, to shareholders of record at the close of business on November 30, 2020.

"In alignment with our capital allocation strategy, the decision to increase the dividend reflects the continued confidence of both management and the Board in the Company's strategic and financial position and the strength of our cash flows, and represents our ongoing commitment to increasing long-term shareholder value," said Andy Nemeth, President and Chief Executive Officer of Patrick.

Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services.