Equitable Holdings Raises Dividend 11.1% to $0.30

Equitable Holdings raised its quarterly common dividend 11.1% to $0.30 per share from $0.27. The increased dividend traded ex-dividend on June 1, 2026; the company later maintained the $0.30 rate for the August 3, 2026 ex-dividend date.

Why the dividend changed

The declaration said the board approved the higher common-stock dividend but did not provide a detailed rationale. The payment was presented as a regular quarterly dividend, not a special distribution or an adjustment related to a stock split. Equitable also did not describe the increase as a consequence of its pending merger with Corebridge Financial.

The financial backdrop provides context. In the first quarter, Equitable reported net income of $621 million and non-GAAP operating earnings of $472 million, or $1.62 per share. Retirement recorded $1.3 billion of net inflows, while Wealth Management had $2.0 billion of advisory net inflows. Asset Management reported $7.1 billion of net outflows, primarily from active equities. Management retained its 2026 guidance for $1.8 billion of cash generation and growth of more than 15% in earnings per share. The company also continued returning capital through dividends and repurchases. Equitable’s first-quarter results therefore showed earnings, cash-generation expectations and holding-company resources that supported a higher regular payment, although management did not explicitly connect those factors to the board’s decision.

Results released after the increase reinforced that cash-generation narrative while illustrating the volatility of reported earnings. Equitable posted a second-quarter net loss of $453 million but generated $488 million of non-GAAP operating earnings. Retirement and Wealth Management remained in net inflow, and AllianceBernstein returned to net inflow. Management maintained the $1.8 billion cash-generation target for 2026. The second-quarter release shows why recurring operating earnings, subsidiary capital and cash remittances are more informative for the dividend than one quarter of GAAP earnings.

Dividend track record

The increase extended Equitable’s dividend-growth streak to 7 years. Recent payments show a step-up pattern rather than one large reset: the quarterly rate was $0.24 for the November 26, 2024 and March 5, 2025 ex-dividend dates, $0.27 from June 2, 2025 through March 4, 2026, and $0.30 for the June 1, 2026 and August 3, 2026 dates.

Full-year totals moved from $0.66 in 2020 to $0.71 in 2021, $0.78 in 2022, $0.86 in 2023, $0.94 in 2024 and $1.05 in 2025. The 2025 total represented an 11.7% increase from the prior year, while the 5-year dividend-growth rate is 9.7% annual growth. The sequence shows regular increases across multiple operating and market environments.

The current annual dividend per share is $1.14. That produces $114.00 in annual income for every 100 shares, based on the stated annual amount.

Is the dividend covered?

The dividend uses 77% of earnings. That indicates earnings cover the distribution, but the proportion is high enough that the buffer is narrower than it would be at a lower payout ratio. For a financial holding company, coverage also depends on capital held in regulated insurance subsidiaries and their capacity to send cash to the parent.

SmarterDividends rates the dividend B, with a safety score of 67. That falls within the safe (66-79) range. In plain terms, the grade indicates that the dividend appears supportable under current conditions, while the earnings payout ratio leaves less room for a sustained deterioration in profits.

Equitable ended the second quarter with $0.8 billion of cash and liquid assets at the holding company, above its $500 million minimum target. Its combined regulatory capital ratio also remained above the company’s 400% target, according to the second-quarter results. Those measures provide additional context for the B safety assessment.

Yield and valuation

At a share price of $52.09, Equitable’s forward yield is 2.18%. That is below the Financial Services sector median forward yield of 5.70%, so the shares provide less current dividend income than the sector median despite the latest increase. The shares recorded a 9.2% gain over 1 year.

SmarterDividends’ fair-value estimate is $103.86. The corresponding valuation verdict is undervalued, with 93% upside to fair value. That is a model-based valuation assessment rather than a forecast of the share price or a measure of dividend coverage.

What to watch

The principal corporate event is Equitable’s pending all-stock merger with Corebridge Financial. Shareholders approved the transaction on July 30, 2026, and management said it expected the deal to close by year-end 2026, subject to regulatory approvals. The merger was not cited as the reason for the dividend increase, but the combined company’s capital allocation, regulatory structure and cash-generation capacity will become relevant to future declarations.

Operating cash generation remains the near-term financial marker. Investors can compare progress with management’s $1.8 billion 2026 target and monitor the difference between volatile GAAP results and non-GAAP operating earnings. Retirement, Wealth Management and AllianceBernstein flows also affect fee revenue and recurring earnings.

The board’s decision to retain the $0.30 rate for the August 3, 2026 ex-dividend date confirmed that the increase was carried into the following quarterly cycle. Future declarations and merger disclosures will show whether that rate remains compatible with capital requirements during the transaction process.