On March 6, 2023, Horace Mann Educators (HMN) announced that it will raise its quarterly dividend by 3.1 percent to $0.33 per share. This marks the 15th consecutive year of dividend increases by the company. Last year HMN hiked the dividend by 3.2%.
This represents an indicated annual dividend of $1.32 per share. The quarterly dividend is payable on March 31, 2023, to shareholders of record as of March 16, 2023. The new dividend yield for HMN is 3.5% at a stock price of $36.47. The ex-dividend date for the increased dividend is March 15.
“This is the 15th consecutive year the Board has increased the annual shareholder cash dividend, reflecting Horace Mann’s commitment to long-term shareholder value creation,” said Marita Zuraitis, Horace Mann President and CEO. “The steadily increasing cash dividend and opportunistic share repurchases are important aspects of that commitment. However, increasing our share of the education market — through both our school district employer and individual educator channels — remains our strategic priority.
Horace Mann Educators Corporation is an insurance holding company. Through its subsidiaries, the company markets and underwrites personal lines of property and casualty insurance, primarily automobile and property coverages supplemental insurance, primarily heart, cancer, accident and limited short-term supplemental disability coverages, retirement products, primarily tax-qualified annuities and life insurance, primarily whole life, term and indexed universal life (IUL). Founded by Educators for Educators, the company's business began in Springfield, Illinois in 1945 when two school teachers started selling automobile insurance to other teachers within Illinois.