Apogee Enterprises (APOG) will raise its quarterly dividend by 6.7 percent to 20 cents per share in 2020. This follows a 7.1 percent hike to $0.1875 per share in the first quarter of 2020 and will mark 8 straight years of dividend increases.

The next dividend will be payable on February 16, 2021 to shareholders of record at the close of business on February 1, 2021. A new annualized dividend rate of 80 cents per share yields 2.2% at a stock price of $36.

This marks Apogee’s eighth consecutive year with a dividend increase, during which time the quarterly dividend has more than doubled, from $0.09 per share to $0.20 per share. The company will now pay an estimated $20 million in dividends to shareholders annually. The average dividend growth rate in the last five years is 9.9 percent annually.

Apogee Enterprises, Inc. provides glass solutions for enclosing commercial buildings and the picture framing market. The company's Architectural Framing Systems segment companies design, engineer, fabricate and finish the aluminum frames for window, curtainwall and storefront systems that comprise the outside skin of buildings. Its Architectural Glass segment consists of a leading fabricator of coated, high-performance architectural glass for global markets. The Architectural Services segment consists of one of the largest U.S. full-service building glass installation companies. APOG's Large-scale optical segment consists of a value-added glass and acrylic manufacturer primarily for the custom picture framing market.