Allstate hikes dividend by 4.7%

On February 17, 2023, The Allstate Corporation (ALL) announced that it will hike its quarterly dividend by 4.7% to $0.89 per share. This marks 13 consecutive years of dividend growth for the insurer and comes after a 4.9% hike in 2022.

Allstate declared a quarterly dividend of $0.89 cents on each outstanding share of the corporation's common stock, payable in cash on April 3, 2023, to stockholders of record at the close of business on Feb. 28, 2023. A new annualized dividend rate of $3.56 per share yields 2.6% at a stock price of $135. The next ex-dividend date is February 27, 2023.

“Allstate continues to provide excellent cash returns for our shareholders. The increase in our dividend this quarter demonstrates our commitment to returning capital to our shareholders, and is a sign of Allstate’s continued financial strength,” said Jess Merten, Allstate’s Chief Financial Officer. “Over the past five years, Allstate has returned more than $15.5 billion to shareholders while continuing to invest in the future.”

The Allstate Corporation is primarily engaged in the property and casualty insurance business and the sale of life and accident and health insurance products in the United States and Canada. The company is the largest publicly held personal lines insurer in the United States and the 2nd largest personal property and casualty insurer. Allstate became a publicly traded company in 1993 and has paid a dividend every year since its IPO.