Patrick Industries (PATK) said late Friday that its board has approved an increase in its quarterly dividend to $0.60 per share from $0.55 per share, payable on Dec. 9 to shareholders of record on Nov. 25.

The board also approved an increase in the amount of the shares that may be repurchased during the next 24 months under Patrick's stock buyback program to $200 million, including the $72.9 million remaining under the previous authorization, the company said.