Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
The Company's common stock is listed on The NASDAQ Global Stock Market under the symbol PATK.
Holders of Common Stock
As of February 16, 2024, there were 318 shareholders of record. A number of shares are held in broker and nominee names on behalf of beneficial owners.
Dividends
In December 2019, the Company's Board of Directors (the "Board") adopted a dividend policy under which it plans to declare regular quarterly cash dividends. The Company paid cash dividends of $1.90 and $1.44 per share, or $42.1 million and $32.9 million in the aggregate, in 2023 and 2022, respectively. Any future determination to pay cash dividends will be made by the Board in light of the Company’s earnings, financial position, capital requirements, and restrictions under the Company’s 2021 Credit Agreement, and such other factors as the Board deems relevant.
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Purchases of Equity Securities by the Issuer
(c) Issuer Purchases of Equity Securities for the three months ended December 31, 2023 .
Period Total
Number of
Shares
Purchased (1) Average Price
Paid Per
Share (1) Total Number of Shares
Purchased as
Part of Publicly
Announced Plans
or Programs (2) Maximum Dollar Value
of Shares that May
Yet Be Purchased
Under the Plans
or Programs (2)
Oct. 2 - Oct. 29, 2023 81,474 $ 72.24 81,474 $ 78,254,795
Oct. 30 - Dec. 3, 2023 10,187 74.50 9,317 77,569,000
Dec. 4 - Dec. 31, 2023 91,674 98.56 — 77,569,000
Total 183,335 90,791
(1) Amount includes 92,544 shares of common stock purchased by the Company in aggregate in November and December 2023 for the sole purpose of covering the exercise price related to the exercise of stock options and satisfying minimum tax withholding obligations of employees upon the vesting of stock awards and the exercise of stock options held by the employees.
(2) See Note 11 "Stock Repurchase Programs" of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for additional information about the Company's stock repurchase program.
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Stock Performance Graph
The following graph compares the cumulative 5-year total return to shareholders of the Company’s common stock relative to the cumulative total returns of the Russell 2000 index and a customized peer group of companies, which includes Brunswick Corporation, Cavco Industries, Inc., LCI Industries, Malibu Boats, Inc., Polaris Inc., Thor Industries, Inc., Winnebago Industries, Inc., and Wabash National Corporation. This graph assumes an initial investment of $100 (with reinvestment of all dividends) was made in our common stock, in the index and in the peer group on December 31, 2018 and its relative performance is tracked through December 31, 2023.
($) 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
Patrick Industries, Inc. $ 100.00 $ 177.93 $ 236.31 $ 282.90 $ 217.68 $ 369.19
Peer Group $ 100.00 $ 148.13 $ 175.17 $ 221.39 $ 171.50 $ 225.72
Russell 2000 $ 100.00 $ 123.72 $ 146.44 $ 166.50 $ 130.60 $ 150.31
*The stock price performance included in this graph is not necessarily indicative of future stock price performance.
ITEM 6. RESERVED