For a company that prides itself on doing what is right and ethical, there are some extremely shady business dealings going on.
The Government/Trump tax cuts not reinvested back into the company, and a May (during quarantine) 300+ million stock buyback sure are questionable.
This money could have easily been reinvested back into the company.
What about the top few executives making a combined 30 million a year?
That’s more than entire MCO payrolls combined.
Allstate has been chipping away for the past few years on MCO budgets while paying top executives more.
It’s unethical, shady, and immoral.
Probably illegal.
Employees who dedicated their careers/lives to the company are leaving left and right let down and disappointed in what a cheap & greedy company Allstate has become.
2 replies (most recent on top)
- 5 billion shares with eps at @$12. Price @ $95 per share.... a great time for a buyback. Especially if the funds used are in cash fund to pay out dividends anyway. Great timing for this purchase. Less shareholders to pay out, price is probably undervalued right now too. Allstate can always offer it back for sale when stock goes higher. Was 125$ per share just a few months ago.
The only problem with the OP post is that the stock buyback was announced in 2018 started in 2019 and was completed in Jan 2020 and was 3.3 Billion, the company has done buybacks all the time over the past 10 years. a 300 million buyback a month has been a normal thing.