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Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
HK Stock Trading Fees and Taxation
Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.
HK Non-Essential Consumer Goods Industry
The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.
HK Real Estate Industry
In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
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W.R. Berkley Corporation WRB board of directors recently approved a special cash dividend of 25 cents per share. This, along with the special dividend paid as well as quarterly dividend and share buyback in the second quarter this year, will take the total payout to $535.3 million in 2024.
Concurrently, the board also approved a quarterly cash dividend of 8 cents. Shareholders, as of the close of business on Sept. 23, 2024, will receive both the special dividend and quarterly dividend on Sept. 30, 2024.
WRB’s Impressive Dividend History
The nation’s largest commercial lines property casualty insurance provider has been increasing dividends each year since 2005. In fact, it made 10 hikes in the past five years. This apart, this Zacks Rank #3 (Hold) insurer pays special dividends.
Its dividend yield of 0.6% is higher than the industry average of 0.3% and has a payout ratio of 8%. The insurer has grown its dividend at a five-year average of 1%.
What Will Help WRB Sustain This Momentum?
A solid insurance business, momentum in international business and a sturdy financial position should continue to drive earnings. WRB primarily focuses on commercial lines, including excess and surplus lines, admitted lines and specialty personal lines. Its growth strategy encompasses operating in areas where it has a competitive advantage.
This, in turn, supports a solid balance sheet with sufficient liquidity and strong cash flows. Its strong capital position enables it to distribute wealth to shareholders via share repurchases, special dividends and dividend hikes that enhance shareholders' value.
Better pricing, expansion of international business, reserving discipline, a solid balance sheet and prudent capital management policy should help WRB maintain the streak of hiking dividends and paying special dividends.
Apart from dividends, the insurer resorts to regular share buyback as another way to enhance shareholder value. The board has increased the share repurchase authorization to 15 million shares.
WRB's Price Outperformance
Shares of WRB closed at $57.11 on Wednesday, near its 52-week high of $61.28 after gaining 35.6% in a year. WRB shares are trading well above the 50-day moving average, indicating a bullish trend.
Shares outperformed the industry, the Finance sector as well as the Zacks S&P 500 composite. Solid insurance business, strong international business and a sturdy financial position continue to drive shares.
WRB Outperforms Industry, Sector and S&P
Other Insurers Following Suit
First American Financial Corporation’s FAF board increased dividend to 53 cents per share of common stock from 52 cents. This increment represents a remarkable 2% rise over the previously declared rate. Robust operational performance, solid investment performance and strong capital management are likely to help FAF in sustaining the dividend streak.
First American enjoys a strong liquidity position to enhance operating leverage. Its strong liquidity not only mitigates balance sheet risks but also paves the way for accelerated capital deployment.
MGIC Investment Corporation’s MTG board of directors approved a 13% hike in its quarterly dividend to return more profits to stockholders. The insurer will pay out 13 cents per share compared with the previous payout of 12 cents.
The insurer distributes wealth to its shareholders via dividend increases and share buybacks. This reflects continued strong mortgage credit performance and financial results and share price valuation levels that are expected to be attractive to generate long-term value for remaining shareholders. By virtue of capital contribution, reinsurance transactions and improving cash position, MTG has significantly improved its capital position. Its strong liquidity not only mitigates balance sheet risks but also paves the way for accelerated capital deployment.
The board of directors of American Financial Group AFG has increased the regular annual dividend to $3.20 per share of common stock from $2.84, which represents a remarkable 12.7% rise over the previously declared rate.
The robust operating profitability at the P&C segment, a stellar investment performance and effective capital management support effective shareholders return. AFG expects its operations to continue to generate significant excess capital throughout the remainder of 2024, which provides ample opportunity for additional share repurchases or special dividends over the next year.
Zacks Investment Research
Believe it or not, seniors fear running out of cash more than they fear dying.
And unfortunately, even retirees who have built a nest egg have good reason to be concerned - with the traditional approaches to retirement planning, income may no longer cover expenses. That means retirees are dipping into principal to make ends meet, setting up a race against time between dwindling investment balances and longer lifespans.
Retirement investing approaches of the past don't work today.
Years ago, investors at or close to retirement could put money into fixed-income assets and depend on appealing yields to generate consistent, solid pay streams to fund a comfortable retirement. 10-year Treasury bond rates in the late 1990s floated around 6.50%, but unfortunately, those days of being able to exclusively rely on Treasury yields to fund retirement income are over.
The impact of this rate decline is sizable: over 20 years, the difference in yield for a $1 million investment in 10-year Treasuries is more than $1 million.
In addition to the considerable drop in bond yields, today's retirees are nervous about their future Social Security benefits. Because of certain demographic factors, it's been estimated that the funds that pay the Social Security benefits will run out of money in 2035.
So what's a retiree to do? You could cut your expenses to the bone, and take the risk that your Social Security checks don't shrink. Or you could find an alternative investment that provides a steady, higher-rate income stream to replace dwindling bond yields.
Invest in Dividend Stocks
We feel that these dividend-paying equities - as long as they are from high-quality, low-risk issuers - can give retirement investors a smart option to replace low-yielding Treasury bonds (or other bonds).
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
One approach to recognizing appropriate stocks is to look for companies with an average dividend yield of 3% and positive average annual dividend growth. Numerous stocks hike dividends over time, counterbalancing inflation risks.
Here are three dividend-paying stocks retirees should consider for their nest egg portfolio.
First American Financial (FAF)
is currently shelling out a dividend of $0.54 per share, with a dividend yield of 3.29%. This compares to the Insurance - Property and Casualty industry's yield of 0.13% and the S&P 500's yield of 1.58%. The company's annualized dividend growth in the past year was 1.92%. Check First American Financial dividend history here>>>
Ryman Hospitality Properties (RHP)
is paying out a dividend of $1.1 per share at the moment, with a dividend yield of 4.42% compared to the REIT and Equity Trust - Other industry's yield of 4.31% and the S&P 500's yield. The annualized dividend growth of the company was 10% over the past year. Check Ryman Hospitality Properties dividend history here>>>
Currently paying a dividend of $0.76 per share,
State Street Corporation (STT)
has a dividend yield of 3.34%. This is compared to the Banks - Major Regional industry's yield of 3.4% and the S&P 500's current yield. Annualized dividend growth for the company in the past year was 9.52%. Check State Street Corporation dividend history here>>>
But aren't stocks generally more risky than bonds?
Overall, that is true. But stocks are a broad class, and you can reduce the risks significantly by selecting high-quality dividend stocks that can generate regular, predictable income and can also decrease the volatility of your portfolio compared to the overall stock market.
Combating the impact of inflation is one advantage of owning these dividend-paying stocks. Here's why: many of these stable, high-quality companies increase their dividends over time, which translates to rising dividend income that offsets the effects of inflation.
Thinking about dividend-focused mutual funds or ETFs? Watch out for fees.
If you're interested in investing in dividends, but are thinking about mutual funds or ETFs rather than stocks, beware of fees. Mutual funds and specialized ETFs may carry high fees, which could lower the overall gains you earn from dividends, undercutting your dividend income strategy. Be sure to look for funds with low fees if you decide on this approach.
Bottom Line
Regardless of whether you select high-quality, low-fee funds or stocks, looking for a steady stream of income from dividend-paying equities can potentially lead you to a solid and more peaceful retirement.
Zacks Investment Research
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