Hubbell’s stock rallies toward a record after dividend hike, new repurchase program

/ / News

Shares of Hubbell Inc. rallied 1.5% toward a record high Friday, after the maker of electrical and utility products raised its dividend by 7.6% and approved a new $300 million stock buyback program. The company said the new quarterly dividend of 98 cents a share, up from 91 cents, will be payable Dec. 15 to shareholders of record on Nov. 30. Based on current stock prices, the new annual dividend rate of $3.92 a share, implies a dividend yield of 2.58%, compared with the implied yield for the S&P 500 of 1.64%. Also at current stock prices, the new repurchase program, which is set to expire in October 2023, could represent up to nearly 2 million shares, or about 3.6% of the shares outstanding. The stock has gained 2.7% year to date, while the S&P 500 has advanced 7.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.