Off-road vehicle maker Polaris Inc., formerly Polaris Industries (PII), will raise its quarterly dividend by another 1.6 percent to $0.63 per share in the first quarter of 2021. This follows a 1.6 percent dividend hike by Polaris last year and marks the 26th consecutive year of annual dividend increases.

The next quarter dividend will be payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021. A new annualized dividend rate of $2.52 per share yields 2.2% at a stock price of $114.

“Over the last year, the Polaris team once again proved that they are the best in Powersports. Rooted in our unwavering commitment to our customers, we continued to deliver innovative products, while executing on our operational excellence initiatives, to generate more than $1 billion in cash flow in 2020,” commented Mike Speetzen, Polaris’ Interim CEO. “As we look to 2021, our financial position remains strong, despite the unprecedented times globally. As a result, we are raising our annual dividend for the 26th consecutive year, proudly retaining our status as a Dividend Aristocrat and keeping front and center the priority of delivering consistent capital returns to our shareholders.”

Polaris Inc., formerly Polaris Industries Inc., manufactures off-road vehicles, snowmobiles, motorcycles and global adjacent markets vehicles. Its brands include RZR, Indian Motorcycle and Slingshot. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets globally includes military and commercial off-road vehicles, quadricycles, and electric vehicles.