PPG Hikes Dividend By 11%

PPG Industries, Inc.

said that its board has approved 11% increase or four cents a share in the quarterly dividend rate to 40 cents a share. According to the company, the dividend is payable on June 10 to all the shareholders whose name appears on May 10, the record date. PPG Industries said that the previous dividend hike was 7%, which happened in the second quarter of the last year. The company's quarterly dividend was 36 cents per share. The latest dividend marked its 471st consecutive dividend payment. PPG has paid uninterrupted annual dividends since 1899. The company's VP and CFO, Frank Sklarsky, said that "This 11-percent increase in our per-share quarterly dividend reaffirms PPG's commitment to sustainable dividend increases as an integral part of our capital allocation strategy." Shares of the company traded 3.87% down on Thursday.