Cincinnati Financial declares 8.7% dividend hike for 2023 | 63rd consecutive year of DG
On January 27, 2023, Dividend Aristocrat Cincinnati Financial (trading symbol CINF) announced a dividend hike of 8.7% from $0.69 to $0.75 quarterly per share. This marks 63 straight years of dividend growth for the insurer.
In a week with many dividend increases by Aristocrats (KMB, CVX, ADM, SPGI and APD) Cincinnati Financial did not dissapoint with the second largest hike so far in 2023 by all 7 Aristocrats that have so far announced their increase for this year. Also CINF is the Aristocrat with the best track record of these seven fellow Aristocrats mentioned above.
For CINF shareholders the quarterly rate will go up 6 cents in 2023 to a new record dividend of $0.75 quarterly per share. The new annual dividend rate of $3.00 will yield 2.85% at a stock price of $105.44. The increased dividend will be paid on April 14, 2023 to shareholders with an ex-dividend date of March 16. Last year CINF announced a dividend hike of 9.5%, being the biggest increase since 2008.
Steven J. Johnston, chairman and chief executive officer, commented, "We keep a long-term view when managing our business and creating value for shareholders of Cincinnati Financial. Increasing the dividend signals the board's confidence in our ability to maintain the profitable growth of our insurance business while also continuing to return capital to shareholders.
"Cincinnati Financial shareholders have consistently benefited from increased dividends in each of the past 62 years, and this board action lays the foundation for continuing that record for a 63rd year."
Earlier this week other Aristocrats including Archer-Daniels-Midland (ADM) and Chevron announced dividend hikes. ADM currently leads all Aristocrats with its 12.5% hike just announced for 2023 and is followed by CINF.
Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, fixed annuities and surplus lines property and casualty insurance.
