Business & Finance
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Thu, February 26, 2009
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Schaeffer's Street Stories: The Allstate Corporation Slashes Its Dividend By 51 Percent
CINCINNATI--([ BUSINESS WIRE ])--The Allstate Corporation (NYSE: ALL) greeted the Street with some less-than-stellar news this morning, when it announced that it was slashing its common stock dividend by 51%, from 41 cents to 20 cents per share. This move ends 14 straight years of dividend increases. The dividend is payable in April to shareholders of record as of March 13.
The decision to cut the company's dividend comes after investment losses caused a $1.13 billion fourth-quarter loss for the nation's largest publicly traded home and auto insurer.
To continue reading this article, click here: [ http://www.schaeffersresearch.com/commentary/content/the+allstate+corporation+slashes+its+dividend+by+51+percent/observations.aspx?click=home&ID=91384&source=businesswire ]
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