Allstate Increases Quarterly Dividend by 50%
The Allstate Corporation (NYSE: ALL) board of directors has approved a quarterly dividend of $0.81 cents on each outstanding share of the corporation’s common stock, payable in cash on April 1, 2021, to stockholders of record at the close of business on March 4, 2021. This represents a 50% increase from the dividend declared in the previous quarter.
Allstate’s history of excellent operating results has supported investments in growth and cash returns to shareholders. Over the past five years, the corporation has paid $2.9 billion of common dividends and repurchased 24.9% of common shares outstanding for $8.5 billion. At the same time, $5.9 billion was invested in growth through the acquisitions of SquareTrade, InfoArmor and National General. Today’s action does not impact the current $3 billion share repurchase authorization, which is expected to be completed by the end of 2021.
“The Board’s confidence in Allstate’s growth strategy and sustainable earnings potential supports this substantial quarterly dividend increase,” said Mario Rizzo, Chief Financial Officer. “Allstate’s return on equity is among the highest in the insurance industry and this materially increases our payout ratio and current dividend yield. It also demonstrates our commitment to a capital deployment strategy that creates shareholder value,” concluded Rizzo.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
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