RPM International (RPM) will raise its quarterly dividend by 5.3 percent to 40 cents per share 2021, marking 48 years in a row of dividend increases by the paint and sealings maker. In 2020 RPM hiked the dividend by 5.6 percent to 38 cents per share.
The next RPM International dividend is payable on October 29, 2021, to stockholders of record as of October 18, 2021. A new annual rate of $1.60 per share for RPM yields 2.0% at a stock price of $79.80. The next ex-dividend date for RPM International is October 15, 2021.
“Increasing our cash dividend on an annual basis is one of the primary ways we continuously reward our shareholders,” stated Frank C. Sullivan, RPM chairman and CEO. “Combined with an appreciating stock price, increasing the dividend enables us to consistently deliver long-term value and outperform the cumulative total return of the broader market.”
RPM International will pay its shareholders a total dividend amount of approximately $208 million based on the the number of shares outstanding an the new annual dividend rate. The average annual dividend increase in the last five years for RPM is 5.9 percent with no double digit dividend hikes announced in the last decade.
RPM International Inc. is a manufacturer of specialty coatings, sealants, building materials and related services. The company's four reportable segments are Construction Products, Performance Coatings, Consumer and Specialty Products. RPM's brands include API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. RPM was founded in 1947 and typically pays its quarterly dividends on the 31st of July, October and January and the 30th of April.