RPM International hikes dividend for 49th year in 2022
Coatings and sealants maker RPM International (ticker symbol RPM) announced a 5.0% dividend hike on October 6, 2022, marking the 49th consecutive year of dividend growth.
The increased dividend was announced by RPM at its annual meeting of stockholders that its board of directors declared a regular quarterly cash dividend of $0.42 per share, payable on October 31, 2022, to stockholders of record as of October 17, 2022. This payment represents a 5.0 percent increase over the $0.40 quarterly cash dividend paid at this time last year. At a stock price of $91 the new dividend yield for RPM will be 1.8%. Last year the company announced a dividend hike of 5.3%, marking the 48th consecutive year of dividend growth. RPM is well known for its 'These Brands Pay Dividends' slogan at the back of its annual report.
RPM INTERNATIONAL DIVIDEND STATISTICS
- Years increased: 49 (as of October 2022)
- Current dividend yield: 1.8% (at a stock price of $91)
- Avg dividend growth rate 5 yr: 5.6% annually
- Annual dividend payment: $218 million
- YTD stock price performance: -9.8%
This action marks RPM’s 49th consecutive year of increased cash dividends paid to its stockholders, which places RPM in an elite category of less than half of 1 percent of all publicly traded U.S. companies. Only 41 other U.S. companies, besides RPM, have consecutively paid an increasing annual dividend for a longer period of time, according to Dividend Radar. During this timeframe, the company has returned approximately $3.1 billion in cash dividends to its stockholders. At a share price of $84.00, RPM's annual dividend yield would be 2.0 percent.
“The incredible efforts of RPM associates and their ability to collaboratively address the challenges we’ve faced have enabled RPM to continue to drive growth, at the same time we are achieving greater operational efficiency across all our businesses,” stated Frank C. Sullivan, RPM chairman and CEO. “We remain committed to delivering sustainable, long-term value for our stockholders, and our 49th consecutive year of increasing our dividend exemplifies this commitment.”
A well known RPM peer is PPG Industries. PPG is a Dividend Aristocrat with more than 25 consecutive years of dividend growth.
RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services across three segments. RPM’s industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and other construction chemicals. The 4 RPM segments are: Consumer Group (CG), Construction Products Group (CPG), Performance Coatings Group (PCG) and Specialty Products Group (SPG). The company has a diverse portfolio of brands, including Rust-Oleum, DAP, Zinsser, Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit.
