Cincinnati Financial Corporation (NASDAQ:CINF) announced an 8% increase to its quarterly dividend, extending its streak of annual dividend hikes to 63 years. The company will now pay 81 cents per share on April 15 to shareholders of record as of March 19.
The company said the higher dividend reflects confidence in its future growth and financial stability.
In addition to the dividend boost, Cincinnati Financial revealed a planned leadership transition. President Stephen M. Spray will take over as Chief Executive Officer effective May 4 at the company's Annual Shareholder Meeting.
Spray will succeed current CEO Steven J. Johnston, who will stay on as Executive Chairman. The move is part of a carefully designed succession strategy initiated in 2022 to promote continuity and ongoing prosperity.