Insurance provider The Hanover Group (NYSE:THG) will pay a second-quarter dividend of $0.33 per share, the same rate it's paid for the last two quarters after it increased it 10% from $0.30 per share, the company announced yesterday.
The board of directors said the quarterly dividend is payable on June 28 to the holders of record at the close of business on June 14. Hanover began making regular quarterly dividend payments in 2010 after previously issuing them annually.
The board also authorized a stock buyback program of $100 million on top of the $166 million remaining under its existing share repurchase program.
The regular dividend payment equates to a $1.32-per-share annual dividend yielding 2.6% based on the closing price of The Hanover Group's stock on May 14.