State of Tennessee Treasury Department Grows Stake in Allstate Corporation (The) (NYSE:ALL)

State of Tennessee Treasury Department grew its stake in shares of Allstate Corporation (The) (NYSE:ALL) by 16.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 593,694 shares of the insurance provider’s stock after purchasing an additional 85,026 shares during the period. State of Tennessee Treasury Department owned about 0.16% of Allstate Corporation (The) worth $52,506,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ALL. Acadian Asset Management LLC increased its position in Allstate Corporation (The) by 32.3% in the 1st quarter. Acadian Asset Management LLC now owns 3,032 shares of the insurance provider’s stock worth $247,000 after purchasing an additional 741 shares during the last quarter. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in Allstate Corporation (The) in the 1st quarter worth about $3,244,000. Wetherby Asset Management Inc. increased its position in Allstate Corporation (The) by 14.3% in the 1st quarter. Wetherby Asset Management Inc. now owns 10,146 shares of the insurance provider’s stock worth $827,000 after purchasing an additional 1,268 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in Allstate Corporation (The) by 8.3% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 30,279 shares of the insurance provider’s stock worth $2,467,000 after purchasing an additional 2,309 shares during the last quarter. Finally, North Star Investment Management Corp. increased its position in Allstate Corporation (The) by 29.2% in the 1st quarter. North Star Investment Management Corp. now owns 5,099 shares of the insurance provider’s stock worth $416,000 after purchasing an additional 1,153 shares during the last quarter. 76.51% of the stock is owned by hedge funds and other institutional investors.

Shares of Allstate Corporation (NYSE:ALL) opened at 90.88 on Friday. The firm has a market capitalization of $32.84 billion, a PE ratio of 13.42 and a beta of 1.09. Allstate Corporation has a 52 week low of $66.55 and a 52 week high of $95.25. The company’s 50 day moving average price is $91.89 and its 200-day moving average price is $86.58.

Allstate Corporation (The) (NYSE:ALL) last announced its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.48. The business had revenue of $8.02 billion for the quarter, compared to analyst estimates of $7.99 billion. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.62 earnings per share. On average, equities research analysts expect that Allstate Corporation will post $6.33 EPS for the current fiscal year.

Allstate Corporation (The) declared that its board has authorized a share repurchase plan on Tuesday, August 1st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 63% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced 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. The ex-dividend date is Tuesday, August 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.63%. Allstate Corporation (The)’s dividend payout ratio (DPR) is presently 21.86%.

ALL has been the topic of a number of research analyst reports. Barclays PLC reduced their price objective on Allstate Corporation (The) from $101.00 to $92.00 and set an “overweight” rating for the company in a research report on Monday, July 3rd. BidaskClub downgraded Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a research report on Saturday, June 24th. Deutsche Bank AG downgraded Allstate Corporation (The) from a “buy” rating to a “hold” rating and raised their target price for the stock from $90.00 to $96.00 in a research report on Tuesday, August 8th. Finally, Citigroup Inc. lifted their price objective on Allstate Corporation (The) from $97.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $90.38.

In related news, EVP Susan L. Lees sold 12,288 shares of Allstate Corporation (The) stock in a transaction 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 directly owns 73,511 shares in the company, valued at approximately $6,916,649.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Harriet K. Harty sold 7,228 shares of Allstate Corporation (The) stock in a transaction on Friday, June 30th. The shares were sold at an average price of $88.35, for a total transaction of $638,593.80. Following the completion of the transaction, the insider now owns 18,260 shares in the company, valued at $1,613,271. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,830 shares of company stock worth $13,911,217. Insiders own 1.58% of the company’s stock.

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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.

Institutional Ownership by Quarter for Allstate Corporation (The) (NYSE:ALL)




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