Patrick Industries increases dividend to $0.60

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: November 20, 2024

Patrick Industries Inc (NASDAQ: PATK) said on Friday that its Board of Directors had authorized a regular quarterly cash dividend of $0.60 per share of common stock.

The latter represents an increase of 9.09% compared to the previous quarterly dividend of $0.55 per share.

The dividend will be paid on December 9th to shareholders of record as of the close of business on November 25th 2024, the company said.

“We believe our ability to grow shareholder value over time will be a reflection of our team’s ability to capitalize on organic and strategic opportunities as we maintain our dedication to serving our valued customers at the highest level. We remain committed to maintaining a strong balance sheet as we focus on driving profitable growth across our Outdoor Enthusiast and Housing markets,” Andy Nemeth, Chief Executive Officer of Patrick Industries Inc, said in a press release.

Stock Performance

The shares of Patrick Industries Inc (PATK) closed 2.03% ($2.66) lower at $128.50 on Nasdaq on Friday, as they extended the loss from the previous market session.

The company’s total market cap now stands at $2.878 billion.

The shares of Patrick Industries Inc (PATK) went up 65.59% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have risen 28.05% so far this year.

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