Covered, but the cushion is thin. A 3.42% yield on a 79.4% trailing payout is covered, but fuller than most House cards: $1.452 a quarter, raised in early 2026 from $1.37 after a flat 2025, so the raise resumed rather than extending an unbroken streak. The payout leaves little retained, so coverage depends on earnings holding up, not on a wide cushion.
Key risk: The payout itself — at 79.4% of trailing earnings, a soft earnings year leaves almost no room before the dividend competes with reinvestment.
Changes if: Trailing payout pushes past 100%, or the quarterly rate is held flat again while earnings fall.
- !Payout-coverage check: 79.4% of trailing earnings — covered, but fuller than a low-payout payer, so less is retained.
- ✓Yield check: 3.42% indicated — $1.452/qtr × 4 at the $169.64 close on Oct. 23, 2026. Real, earned cash dividend, not return of capital.
- ✓Dividend growth check: Raised to $1.452 in early 2026, from $1.37, after a flat 2025 — the raise resumed; it did not extend an unbroken annual streak.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.