Los Angeles Capital Management & Equity Research Inc. reduced its position in shares of Allstate Corporation (The) (NYSE:ALL) by 26.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 108,343 shares of the insurance provider’s stock after selling 39,357 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Allstate Corporation (The) were worth $9,582,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of ALL. FNY Partners Fund LP bought a new stake in Allstate Corporation (The) in the first quarter worth $122,000. Bronfman E.L. Rothschild L.P. boosted its holdings in Allstate Corporation (The) by 8.5% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,550 shares of the insurance provider’s stock valued at $126,000 after acquiring an additional 122 shares during the period. Watermark Asset Management Inc. bought a new stake in Allstate Corporation (The) during the first quarter valued at about $170,000. Parallel Advisors LLC boosted its holdings in Allstate Corporation (The) by 42.4% during the first quarter. Parallel Advisors LLC now owns 2,178 shares of the insurance provider’s stock valued at $185,000 after acquiring an additional 648 shares during the period. Finally, Archford Capital Strategies LLC bought a new stake in Allstate Corporation (The) during the first quarter valued at about $181,000. 76.51% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Allstate Corporation (NYSE ALL) opened at 90.88 on Friday. The company’s 50 day moving average is $91.89 and its 200-day moving average is $86.58. The firm has a market capitalization of $32.84 billion, a price-to-earnings ratio of 13.42 and a beta of 1.09. Allstate Corporation has a one year low of $66.55 and a one year high of $95.25.
Allstate Corporation (The) (NYSE:ALL) last released its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The firm had revenue of $8.02 billion during the quarter, compared to analyst estimates of $7.99 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities analysts expect that Allstate Corporation will post $6.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, August 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Tuesday, August 29th. Allstate Corporation (The)’s payout ratio is currently 21.86%.
Allstate Corporation (The) announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 1st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 63% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Several analysts have recently weighed in on the stock. Barclays PLC raised their price objective on shares of Allstate Corporation (The) from $101.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, August 11th. Citigroup Inc. increased their price target on shares of Allstate Corporation (The) from $97.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. Deutsche Bank AG cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating and increased their price target for the company from $90.00 to $96.00 in a research note on Tuesday, August 8th. Morgan Stanley reissued an “equal weight” rating and set a $91.00 price target (up from $85.00) on shares of Allstate Corporation (The) in a research note on Thursday, July 6th. Finally, BidaskClub cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $90.38.
In other Allstate Corporation (The) news, insider Harriet K. Harty sold 7,228 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $88.35, for a total value of $638,593.80. Following the completion of the transaction, the insider now directly owns 18,260 shares in the company, valued at approximately $1,613,271. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Susan L. Lees sold 12,288 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $94.09, for a total value of $1,156,177.92. Following the transaction, the executive vice president now owns 73,511 shares of the company’s stock, valued at $6,916,649.99. The disclosure for this sale can be found here. Insiders have sold a total of 150,830 shares of company stock valued at $13,911,217 in the last ninety days. Insiders own 1.58% of the company’s stock.
Allstate Corporation (The) Company Profile
The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.
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