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Argo Group Rewards Shareholders with 23% Hike in Dividend
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In a bid to return more value to its shareholders, the board of directors of Argo Group International Holdings, Ltd. recently approved a 22.7% hike in its quarterly dividend. The company will now reward shareholders with a dividend of 27 cents per share as against 22 cents paid on Dec 15, 2016.
Shareholders on record as of Mar 3, 2017, will have the meatier dividend in their pockets on Mar 15, 2017. Based on the closing share price of $67.20 as of Feb 21, the increased payout translates to a dividend yield of 1.32%. Earlier, on May 3, 2016, the board had approved a 10% increase in dividend. This Zacks Rank #2 (Buy) property and casualty (P&C) insurer, has a solid track of increasing dividend each year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apart from increasing dividend, the company engages in share buybacks to enhance shareholders’ value. In 2016, the company spent $47.1 million to buy back 0.8 million shares. Moreover, a robust capital position enables the P&C insurer to raise its payout regularly.
Notably, shares of Argo Group increased 1.82% since the release of its fourth-quarter 2016 results, outperforming the Zacks categorized Property and Casualty insurance industry’s gain of 1.56%. Solid top-line growth mainly contributed to the outperformance. Also, robust growth in gross written premiums and net investment income, were responsible for the improvement. Moving ahead, strong capital management and strategic initiatives, undertaken by the company are expected to drive the stock of the company higher.
Dividend hikes and share buybacks not only testify to the operational and financial strength of a company, but also make a stock attractive for yield-seeking investors. Recently, the board of directors of XL Group Ltd. increased its quarterly dividend by 10%. While, last month the board of directors of HCI Group, Inc. (HCI - Free Report) increased its dividend by 16.7%, Willis Towers Watson Public Limited Company approved a 10% increase in dividend to 53 cents per share.
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Argo Group Rewards Shareholders with 23% Hike in Dividend
In a bid to return more value to its shareholders, the board of directors of Argo Group International Holdings, Ltd. recently approved a 22.7% hike in its quarterly dividend. The company will now reward shareholders with a dividend of 27 cents per share as against 22 cents paid on Dec 15, 2016.
Shareholders on record as of Mar 3, 2017, will have the meatier dividend in their pockets on Mar 15, 2017. Based on the closing share price of $67.20 as of Feb 21, the increased payout translates to a dividend yield of 1.32%. Earlier, on May 3, 2016, the board had approved a 10% increase in dividend. This Zacks Rank #2 (Buy) property and casualty (P&C) insurer, has a solid track of increasing dividend each year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apart from increasing dividend, the company engages in share buybacks to enhance shareholders’ value. In 2016, the company spent $47.1 million to buy back 0.8 million shares. Moreover, a robust capital position enables the P&C insurer to raise its payout regularly.
Notably, shares of Argo Group increased 1.82% since the release of its fourth-quarter 2016 results, outperforming the Zacks categorized Property and Casualty insurance industry’s gain of 1.56%. Solid top-line growth mainly contributed to the outperformance. Also, robust growth in gross written premiums and net investment income, were responsible for the improvement. Moving ahead, strong capital management and strategic initiatives, undertaken by the company are expected to drive the stock of the company higher.
Dividend hikes and share buybacks not only testify to the operational and financial strength of a company, but also make a stock attractive for yield-seeking investors. Recently, the board of directors of XL Group Ltd. increased its quarterly dividend by 10%. While, last month the board of directors of HCI Group, Inc. (HCI - Free Report) increased its dividend by 16.7%, Willis Towers Watson Public Limited Company approved a 10% increase in dividend to 53 cents per share.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>