The Hartford Raises Dividend 50%, Increases Buyback Plan

Property and casualty insurance provider The Hartford (NYSE: HIG  ) announced today its third-quarter dividend of $0.15 per share, 50% higher than the payout it made to investors last quarter of $0.10 per share.

The board of directors said the quarterly dividend will be paid on Oct. 1 when it declares the next payout. The insurance provider has made quarterly payouts to investors since 1996. 

The board also announced it is increasing the company's share repurchase plan by $750 million, bringing the total authorization, which expires Dec. 31, 2014, to $1.25 billion. Noting that to date the insurer has bought back only $166 million on the current program, it suggests Hartford may be preparing to repurchase a large slug of stock.

The Hartford Chairman, President, and CEO Liam E. McGee said: "... the next phase of The Hartford's capital management plan ... reflects our commitment to use excess capital for capital management actions and reinvestment in the businesses."

The regular dividend payment equates to a $0.60-per-share annual dividend, yielding 2.1% based on the closing price of The Hartford's stock on June 25.

HIG Dividend Chart

HIG Dividend data by YCharts. Chart does not reflect new, higher dividend announcement.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2511260, ~/Articles/ArticleHandler.aspx, 10/1/2014 12:01:22 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement