On november 11, 2022, Patrick Industries (PATK) announced that it will increase its quarterly dividend by 36.4% to $0.45 per share. This follows a dividend hike of 17.9 percent to 33 cents per share in 2021 and also marks the 3rd consecutive year with a double digit dividend hike by the RV products maker.
The next PATK dividend is payable on December 12, 2022, to shareholders of record at the close of business on November 28, 2022. The dividend yield jumps to 3.2% at a stock price of $55.45 for Patrick Industries.
"The dividend increase reflects our commitment to increasing long-term shareholder value, and the Board and management's confidence in our financial position and capital allocation strategy," said Andy Nemeth, Chief Executive Officer of Patrick.
Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services.