Meeder Asset Management Inc. lowered its position in shares of Allstate Corporation (The) (NYSE:ALL) by 7.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,115 shares of the insurance provider’s stock after selling 4,778 shares during the period. Meeder Asset Management Inc.’s holdings in Allstate Corporation (The) were worth $5,317,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. FNY Partners Fund LP purchased a new stake in Allstate Corporation (The) during the first quarter worth about $122,000. Bronfman E.L. Rothschild L.P. raised its position in Allstate Corporation (The) by 8.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,550 shares of the insurance provider’s stock worth $126,000 after buying an additional 122 shares during the last quarter. Oakworth Capital Inc. raised its position in Allstate Corporation (The) by 505.8% in the first quarter. Oakworth Capital Inc. now owns 1,775 shares of the insurance provider’s stock worth $145,000 after buying an additional 1,482 shares during the last quarter. Howard Hughes Medical Institute bought a new position in Allstate Corporation (The) during the first quarter worth approximately $160,000. Finally, Watermark Asset Management Inc. bought a new position in Allstate Corporation (The) during the first quarter worth approximately $170,000. 77.04% of the stock is owned by institutional investors.
Allstate Corporation (NYSE ALL) opened at 93.95 on Friday. Allstate Corporation has a 12-month low of $66.55 and a 12-month high of $94.70. The firm’s 50 day moving average is $90.23 and its 200 day moving average is $84.36. The company has a market cap of $33.95 billion, a P/E ratio of 13.88 and a beta of 1.10.
Allstate Corporation (The) (NYSE:ALL) last released its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, topping 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 company had revenue of $8.02 billion during the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter last year, the business earned $0.62 EPS. The business’s revenue was up 2.6% on a year-over-year basis. Equities research analysts anticipate that Allstate Corporation will post $6.50 EPS for the current fiscal year.
Allstate Corporation (The) announced that its Board of Directors has approved a share repurchase program on Tuesday, August 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 63% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, August 31st will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Tuesday, August 29th. Allstate Corporation (The)’s dividend payout ratio (DPR) is 21.86%.
Several research firms recently issued reports on ALL. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research note on Tuesday, August 1st. Macquarie lowered Allstate Corporation (The) from an “outperform” rating to a “neutral” rating and lifted their price target for the stock from $78.00 to $81.00 in a research note on Tuesday, April 18th. They noted that the move was a valuation call. Morgan Stanley reaffirmed an “equal weight” rating and set a $91.00 price target (up previously from $85.00) on shares of Allstate Corporation (The) in a research note on Thursday, July 6th. MKM Partners reiterated a “buy” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Allstate Corporation (The) in a report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $88.00 price objective on shares of Allstate Corporation (The) in a report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $90.54.
In related news, insider Harriet K. Harty sold 7,228 shares of the firm’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $88.35, for a total value of $638,593.80. Following the completion of the sale, the insider now owns 18,260 shares in the company, valued at $1,613,271. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Matthew E. Winter sold 33,957 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $84.38, for a total transaction of $2,865,291.66. The disclosure for this sale can be found here. Insiders sold 218,162 shares of company stock valued at $19,450,439 in the last quarter. 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.
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