GATX Corporation (GATX) will raise its quarterly dividend by 4.2 percent to 50 cents per share in 2021. This comes after a dividend hike of 4.3 percent to $0.48 per share announced in the first quarter of 2020 and also marks the company's 11th consecutive year of annual dividend increases.

The next dividend is payable March 31, 2021, to shareholders of record on Feb. 26, 2021. The new annualized rate of $2.00 per share yields 2.2% at a stock price of $91.95.

In today's press release Brian A. Kenney, president and chief executive officer of GATX stated, “2021 marks our 103rd consecutive year of paying a dividend, a track record that few companies can match,”  “Over the past decade, GATX has invested approximately $8.0 billion in our business and returned over $1.5 billion to our shareholders through dividends and share repurchase. Throughout the pandemic, we have continued to maintain a strong balance sheet and stable investment grade credit ratings. This dividend increase is reflective of the board’s confidence in GATX’s long-term outlook and demonstrates the Company’s ongoing commitment to return capital to our shareholders.”

GATX Corporation will now pay an estimated annual dividend of $70 million to shareholders. 

GATX Corporation is a railcar leasing company with fleets in North America, Europe and Asia. In addition GATX operates a fleet of US-flagged vessels on the Great Lakes and owns and manages other assets. The company operates through four business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company (“ASC”). GATX, headquartered in Chicago, Illinois, since its founding in 1898, has paid quarterly dividends without interruption since 1919.