Texas Roadhouse hikes dividend by 15%

Texas Roadhouse (TXRH) will hike its dividend by 15% in 2022. Last year TXRH reinstated its quarterly dividend in 2021 with a first payment of 40 cents per share. In May 2020 the restaurant company suspended its quarterly dividend because of COVID-19, just after the company raised its quarterly dividend by 20.0 percent to $0.36 per share, marking 9 consecutive years of dividend increases. 

The new expected annual dividend rate of $1.84 per share will yield 2.3% at a stock price of $75. The next TXRH dividend will be paid on March 25, 2022 with an ex-dividend date of March 8, 2022.

Texas Roadhouse, Inc. is a restaurant company, which operates in the casual dining segment. The company offers an assortment of seasoned and aged steaks hand-cut daily on the premises and cooked to order over open grills. The company owns company restaurants and franchise restaurants primarily in the United States. The company's founder, chairman and chief executive officer, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. The company had paid a dividend every year since 2011 before the 2020 suspension was announced.