Covered, but the cushion is thin. A 3.26% yield on a 76.2% trailing payout is covered, but fuller than most House cards: $0.52 a quarter, raised in September 2026 from $0.50 and paid October 14, 2026, extending 12 years of increases. The streak is intact; the cushion behind it is thin, so an earnings slip matters more here than at a low-payout payer.
Key risk: The payout itself — at 76.2% 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 annual raise streak breaks.
- !Payout-coverage check: 76.2% of trailing earnings — covered, but fuller than a low-payout payer, so less is retained.
- ✓Yield check: 3.26% indicated — $0.52/qtr × 4 at the $63.80 close on Oct. 23, 2026. Real, earned cash dividend, not return of capital.
- ✓Dividend growth check: 12 years of increases; the latest raise, to $0.52 from $0.50, was paid Oct. 14, 2026.
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.