5 Best Passive Income Stocks to Buy Now

3. Horace Mann Educators Corporation (NYSE:HMN)

Horace Mann Educators Corporation (NYSE:HMN) is another one of the best dividend stocks for passive income on our list. The life insurance company also provides financial services to its consumers.

On September 6, Horace Mann Educators Corporation (NYSE:HMN) declared a quarterly dividend of $0.32 per share, in line with its previous dividend. The company has raised its dividends every year since 2011 at a CAGR of 9%. Since then, the company has also completed $81 million in stock repurchases. In the first six months of the year, it spent over $24 million to repurchase 670,816 of its common shares.

In August, Piper Sandler upgraded Horace Mann Educators Corporation (NYSE:HMN) to Overweight, while raising its price target on the stock to $42. The firm mentioned that the company is expected to experience a strong back-to-school period after the pandemic and also appreciated its earnings guidance.

As of June 2022, 13 hedge funds tracked by Insider Monkey reported owning stakes in Horace Mann Educators Corporation (NYSE:HMN), the same as in the previous quarter. These stakes have a collective value of over $42.7 million.

FPA Queens Road mentioned Horace Mann Educators Corporation (NYSE:HMN) in its Q4 2021 investor letter. Here is what the firm has to say:

“Horace Mann, an insurance provider to teachers and educators, 2021 earnings were negatively impacted by above-average catastrophic losses. The insurer targets K-12 educators and administrators and holds a strong position in that niche. In 2021, the company acquired Madison National Life, which provides group life and disability products. We think the acquisition will create value as the company expands its product offering to its key market.”