Tower Group Inc. (TWGP) Tops Q1 EPS by 3c; Guides FY11 EPS; Boost Qtr. Dividend 50% to $0.1875; Yields 3.4%

Tower Group Inc. (NASDAQ: TWGP) reported Q1 EPS of $0.49, $0.03 better than the analyst estimate of $0.46. Revenue for the quarter came in at $0 versus the consensus estimate of $371.36 million.

Tower Group Inc. sees FY2011 EPS of $2.70-$2.90, versus the consensus of $2.69.

Tower’s Board of Directors approved a quarterly dividend on May 5, 2011 of $0.1875 per share, $0.75 annualized. The dividend is a 50 percent increase from the current rate of $0.125.

The dividend is payable on June 24, 2011 to stockholders of record as of June 13, 2011, with an ex-dividend date of June 11, 2011.

Yield on the dividend is 3.4%.

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