Private Asset Management Inc. Sells 3,950 Shares of Allstate Corporation (The) (NYSE:ALL)

Private Asset Management Inc. cut its stake in shares of Allstate Corporation (The) (NYSE:ALL) by 8.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,210 shares of the insurance provider’s stock after selling 3,950 shares during the period. Private Asset Management Inc.’s holdings in Allstate Corporation (The) were worth $3,910,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ALL. Catawba Capital Management VA increased its stake in shares of Allstate Corporation (The) by 7.7% in the first quarter. Catawba Capital Management VA now owns 39,787 shares of the insurance provider’s stock valued at $3,242,000 after buying an additional 2,830 shares during the last quarter. West Oak Capital LLC increased its stake in shares of Allstate Corporation (The) by 7.2% in the first quarter. West Oak Capital LLC now owns 4,462 shares of the insurance provider’s stock valued at $364,000 after buying an additional 298 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in shares of Allstate Corporation (The) by 2.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 319,038 shares of the insurance provider’s stock valued at $25,998,000 after buying an additional 6,719 shares during the last quarter. F&V Capital Management LLC increased its stake in shares of Allstate Corporation (The) by 2.1% in the first quarter. F&V Capital Management LLC now owns 84,470 shares of the insurance provider’s stock valued at $6,883,000 after buying an additional 1,705 shares during the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Allstate Corporation (The) during the fourth quarter valued at approximately $405,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

Shares of Allstate Corporation (ALL) opened at 93.95 on Friday. Allstate Corporation has a 52 week low of $66.55 and a 52 week high of $94.70. The firm has a market cap of $33.95 billion, a PE ratio of 13.88 and a beta of 1.10. The firm has a 50-day moving average of $90.23 and a 200-day moving average of $84.36.

Allstate Corporation (The) (NYSE:ALL) last announced its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, beating the Zacks’ 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 business had revenue of $8.02 billion during the quarter, compared to analyst estimates of $7.99 billion. During the same quarter in the previous year, the business posted $0.62 EPS. Allstate Corporation (The)’s quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts expect that Allstate Corporation will post $6.50 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, August 31st will be paid a $0.37 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.48 annualized dividend and a dividend yield of 1.58%. Allstate Corporation (The)’s payout ratio is 21.86%.

Allstate Corporation (The) declared that its Board of Directors has authorized a share buyback program on Tuesday, August 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 63% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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Several brokerages have commented on ALL. Deutsche Bank AG downgraded shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating and upped their target price for the company from $90.00 to $96.00 in a research note on Tuesday. Barclays PLC increased their price objective on shares of Allstate Corporation (The) from $101.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday. UBS AG reissued a “neutral” rating and set a $94.00 price objective (up previously from $86.00) on shares of Allstate Corporation (The) in a research report on Thursday, August 3rd. BidaskClub downgraded shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Allstate Corporation (The) presently has a consensus rating of “Hold” and an average price target of $90.54.

In other news, CFO Steven E. Shebik sold 35,197 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $94.28, for a total value of $3,318,373.16. Following the completion of the sale, the chief financial officer now owns 127,560 shares in the company, valued at approximately $12,026,356.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Harriet K. Harty sold 7,228 shares of the company’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $88.35, for a total transaction of $638,593.80. Following the completion of the sale, the insider now owns 18,260 shares of the company’s stock, valued at approximately $1,613,271. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,162 shares of company stock valued at $19,450,439. Company insiders own 1.58% of the company’s stock.

About Allstate Corporation (The)

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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