By Colin Kellaher
Allstate Corp. on Monday said it will buy back $750 million in common stock under an accelerated share-repurchase agreement with JPMorgan Chase.
The Northbrook, Ill., insurance company said it expects to receive the bulk of the shares to be repurchased under the agreement immediately, with the final per-share purchase and number of shares to be determined at settlement.
Allstate, which currently has around 296 million shares outstanding and a market capitalization of nearly $39.8 billion based on Friday's closing price of $134.56, said the agreement is part of the $5 billion repurchase program it announced earlier this month.
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(END) Dow Jones Newswires
August 23, 2021 08:33 ET (12:33 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.