NORTHBROOK, Ill. - The Allstate Corporation (NYSE: NYSE:ALL), one of the nation's leading insurance providers, has announced an increase in its quarterly dividend. On Thursday, the company's board of directors approved a dividend of $0.92 per share, marking a 3.4% increase from the previous quarter's dividend. This decision underscores Allstate's commitment to delivering shareholder value and reflects the company's financial resilience.
The new quarterly dividend is scheduled to be paid on April 1, 2024, to shareholders of record as of March 4, 2024. In addition to the common stock dividend, Allstate has also declared dividends on its preferred stock, totaling approximately $29.3 million. These dividends will be distributed across three series of preferred stock, with payment due on April 15, 2024, to shareholders of record by March 28, 2024.
The specific quarterly amounts per depositary share for the preferred stock are as follows: Series H at $0.3187500 with an annual dividend rate of 5.100%, Series I at $0.2968750 with an annual dividend rate of 4.750%, and Series J at $0.4609375 with an annual dividend rate of 7.375%.
Jess Merten, Allstate's Chief Financial Officer, expressed the company's intention to continue rewarding shareholders, highlighting the increase in the common dividend per share as a testament to Allstate's enduring financial strength.
This latest dividend increase is based on a press release statement from The Allstate Corporation.
InvestingPro Insights
The Allstate Corporation (NYSE: ALL) has demonstrated its shareholder commitment by raising its quarterly dividend, reflecting not only its financial resilience but also a strategic approach to capital allocation. This is corroborated by the InvestingPro Tips which highlight that Allstate has raised its dividend for 13 consecutive years, showcasing a consistent approach to rewarding its investors. Moreover, the company is a prominent player in the insurance industry, reinforcing its position through strategic financial decisions.
Investors looking into the company's financial health will find the real-time data from InvestingPro particularly telling. Allstate boasts a substantial market capitalization of 42.35B USD, indicating its significant presence in the market. Despite a negative P/E Ratio of -134.19, the company's commitment to dividends is unwavering, with a dividend yield of 2.22% as of the last recorded date. Additionally, Allstate has experienced a large price uptick over the last six months, with a 53.95% total return, suggesting a strong performance in the market.
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