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Assurant Inc (NYSE: AIZ) disclosed boosting dividends and share buyback program to enhance shareholder value.
The company's Board of Directors authorized a repurchase program for up to $600 million, which adds to its remaining current authorization of approximately $174 million as of October 31, 2023.
Also, the Board of Directors declared a quarterly dividend per share increase of $0.02 to $0.72 per share, payable on December 18, 2023, to stockholders of record as of November 27, 2023.
"The combined cash generation of our Lifestyle and Housing businesses remains a key differentiator for Assurant, allowing us the flexibility to invest in high return organic and inorganic opportunities while also returning significant capital to shareholders, including repurchasing nearly 70 percent of our shares outstanding since our initial public offering," said Keith Demmings, President and CEO.
Last month, AIZ reported Q3 FY23 adjusted EPS of $4.29, beating the consensus of $2.58 estimate and revenue of $2.774 billion, surpassing the street view of $2.7 billion.
In Q3, AIZ repurchased shares worth $50 million and paid $37 million in common stock dividends.
Price Action: AIZ shares closed higher by 1.07% at $161.23 on Thursday.
Posted In: AIZ
