The hike brings the annual payout to $4.25 per share, resulting in a yield of approximately 2.89% based on the most recent closing price of $147.16. This marks a step up from the previous yield of 2.8%. The board confirmed the new dividend is payable April 2 to shareholders of record as of March 6.

A Rare Corporate Milestone

Genuine Parts maintains its position within the S&P 500 Dividend Aristocrats Index, a group that has increased dividends for at least 25 consecutive years. More significantly, the company remains a "Dividend King," a tier reserved for those with at least 50 years of annual growth. By reaching 70 consecutive years of increases, Genuine Parts joins an elite group of just 57 members, according to data from Sure Dividend.

The move comes as the company prepares for a major structural overhaul. Genuine Parts recently unveiled plans to split into two independent entities, a strategic pivot aimed at unlocking value in its disparate automotive and industrial segments. Despite the upcoming reorganization, the company continues to prioritize its long-standing commitment to shareholder returns.