Benzinga | Aug 13, 2021 12:07PM EDT

Patrick Industries Boosts Buyback Authorization To $50M, Declares Dividend

* Patrick Industries Inc's (NASDAQ:PATK) board of directors has authorized an increase in the share repurchase program to $50.0 million, including the $14.4 million remaining under the previous authorization. The company to repurchase the shares over the next 24 months.

* Year-to-date through August 12, 2021, the company repurchased 260,000 shares at an average price of $82.89 per share for a total cost of $21.6 million.

* The board also declared a quarterly cash dividend on its common stock of $0.28 per share, payable on September 13, 2021, to shareholders of record on August 30, 2021.

* Patrick Industries held $58.4 million in cash and equivalents as of June 30, 2021.

* Price Action: PATK shares are trading lower by 0.28% at $86.77 on the last check Friday.