Patrick Industries Inc.’s Board of Directors approved a decreased quarterly cash dividend.
The dividend will total 40 cents per share. The dividend decreased 33.3% compared with the 60-cent dividend the company declared in November.
The decrease accompanies a 50% increase in share outstanding compared with November. Patrick conducted a stock split in December, offering three shares for every two common stock shares held. By adjusting the dividend payment, Patrick’s dividend return remains the same as the company’s last payment in November.
The dividend is payable March 3 to shareholders of record at the close of business Feb. 18.
Patrick Industries now has about 33.6 million shares outstanding, according to Yahoo Finance. The dividend payment will return about $13.44 million to shareholders.
