J.B. Hunt Transport Services Inc. said it is raising its dividend for shareholders by 33% to 20 cents per share.
The increased payout will be made Feb. 27 to shareholders of record as of Feb. 13. The previous dividend from the Lowell, Ark.-based company was 15 cents.
The board “concluded the consistent earnings and cash-flow growth generated in recent years warranted a higher dividend,” J.B. Hunt said Jan. 29. “This larger-than-historical increase represents a commitment to returning capital to shareholders on a consistent basis at a more reasonable yield relative to JBHT’s share price.”
Last year, the company improved net income 10% to $342.4 million, which is the highest in the industry after UPS Inc. and FedEx Corp.
J.B. Hunt ranks No. 4 on Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.