UFP Industries, formerly Universal Forest Products (UFPI), will hike its dividend by 20 percent to 15 cents per share in 2021. This follows a 25.0 percent increase last year and marks the 9th consecutive year of dividend increases by the wood products company.

The next dividend is payable on March 15, 2021, to shareholders of record on March 1, 2021. A new annual rate of 60 cents yields 1.0% at a stock price of $58.83.

“The enhanced dividend reflects the success of our company and the optimism we have in our future,” said Chairman William G. Currie. “Because of our strong cash position, we can pay a larger dividend to our shareholders and, at the same time, invest in growing UFP so it can achieve greater returns in the years to come. We thank our shareholders, many of whom are employees, for investing in UFP and making our success possible.”

UFP Industries, formerly Universal Forest Products, is a holding company whose subsidiaries supply wood, wood composite and other products to retail, construction and industrial markets.  Founded in 1955, the Company is headquartered in Grand Rapids, Michigan, with affiliates throughout North America, Europe, Asia and Australia. UFP Industries has paid a dividend every year since 1993.