The Allstate Co. Plans Quarterly Dividend of $0.85 (NYSE:ALL)

The Allstate Co. (NYSE:ALLGet Rating) declared a quarterly dividend on Monday, May 23rd, RTT News reports. Stockholders of record on Friday, June 3rd will be given a dividend of 0.85 per share by the insurance provider on Friday, July 1st. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.71%.

Allstate has raised its dividend payment by an average of 20.8% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Allstate has a dividend payout ratio of 25.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Allstate to earn $12.82 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 26.5%.

Shares of ALL stock traded up $2.63 on Monday, reaching $125.66. The stock had a trading volume of 1,450,298 shares, compared to its average volume of 2,196,350. The firm has a market capitalization of $34.55 billion, a price-to-earnings ratio of 10.53, a P/E/G ratio of 2.54 and a beta of 0.82. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.38. Allstate has a 12 month low of $106.11 and a 12 month high of $144.46. The firm’s 50-day moving average is $134.37 and its two-hundred day moving average is $124.13.

Allstate (NYSE:ALLGet Rating) last released its earnings results on Wednesday, May 4th. The insurance provider reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.21). Allstate had a return on equity of 12.50% and a net margin of 7.20%. The business had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $11.14 billion. During the same quarter in the previous year, the company earned $6.11 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, sell-side analysts forecast that Allstate will post 9.1 earnings per share for the current fiscal year.

A number of analysts have weighed in on the company. The Goldman Sachs Group upgraded Allstate from a “sell” rating to a “buy” rating and increased their price target for the stock from $111.00 to $142.00 in a report on Wednesday, March 2nd. Citigroup initiated coverage on Allstate in a research note on Monday. They issued a “buy” rating for the company. Barclays raised their target price on Allstate from $119.00 to $141.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 12th. Piper Sandler cut their price target on Allstate from $150.00 to $147.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. Finally, Raymond James raised shares of Allstate from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $145.00 to $165.00 in a research report on Friday, March 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $141.31.

In related news, CAO John C. Pintozzi sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $123.87, for a total value of $371,610.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.77% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Cowa LLC purchased a new position in Allstate during the first quarter valued at $30,000. First Community Trust NA purchased a new position in shares of Allstate in the 4th quarter worth $69,000. Zullo Investment Group Inc. purchased a new position in shares of Allstate in the 4th quarter worth $179,000. EverSource Wealth Advisors LLC purchased a new position in shares of Allstate in the 4th quarter worth $185,000. Finally, Visionary Wealth Advisors purchased a new position in shares of Allstate in the 4th quarter worth $202,000. Hedge funds and other institutional investors own 75.84% of the company’s stock.

Allstate Company Profile (Get Rating)

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home and stand-alone scheduled personal property; and commercial lines products under the Allstate and Encompass brand names.

Further Reading

Dividend History for Allstate (NYSE:ALL)

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