Allstate Corporation (The) (NYSE:ALL) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lowered its position in shares of Allstate Corporation (The) (NYSE:ALL) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 366,105 shares of the insurance provider’s stock after selling 29,430 shares during the period. Kornitzer Capital Management Inc. KS owned 0.10% of Allstate Corporation (The) worth $32,378,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Allstate Corporation (The) by 2,743.3% in the first quarter. BlackRock Inc. now owns 26,458,327 shares of the insurance provider’s stock valued at $2,156,089,000 after buying an additional 25,527,763 shares in the last quarter. Victory Capital Management Inc. increased its position in Allstate Corporation (The) by 246.3% in the first quarter. Victory Capital Management Inc. now owns 2,080,446 shares of the insurance provider’s stock valued at $169,536,000 after buying an additional 1,479,694 shares during the last quarter. Ameriprise Financial Inc. increased its position in Allstate Corporation (The) by 46.6% in the first quarter. Ameriprise Financial Inc. now owns 3,961,953 shares of the insurance provider’s stock valued at $322,883,000 after buying an additional 1,258,952 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Allstate Corporation (The) by 20.0% in the first quarter. Bank of New York Mellon Corp now owns 4,756,094 shares of the insurance provider’s stock valued at $387,575,000 after buying an additional 792,583 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Allstate Corporation (The) by 3.2% in the first quarter. Vanguard Group Inc. now owns 23,637,965 shares of the insurance provider’s stock valued at $1,926,258,000 after buying an additional 733,684 shares during the last quarter. 76.91% of the stock is owned by institutional investors and hedge funds.

Allstate Corporation (NYSE:ALL) traded down 0.44% during mid-day trading on Friday, reaching $92.92. 2,595,339 shares of the company’s stock traded hands. The stock has a market capitalization of $33.58 billion, a PE ratio of 13.73 and a beta of 1.10. The stock’s 50 day moving average is $91.03 and its 200-day moving average is $85.02. Allstate Corporation has a 52 week low of $66.55 and a 52 week high of $95.25.

Allstate Corporation (The) (NYSE:ALL) last announced its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.48. The business had revenue of $8.02 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 EPS. On average, equities analysts anticipate that Allstate Corporation will post $6.51 EPS for the current year.

Allstate Corporation (The) announced that its Board of Directors has initiated a share buyback program on Tuesday, August 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to buy up to 63% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, August 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.48 dividend on an annualized basis and a yield of 1.59%. Allstate Corporation (The)’s dividend payout ratio (DPR) is 21.86%.

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A number of brokerages have issued reports on ALL. Wells Fargo & Company reiterated a “buy” rating on shares of Allstate Corporation (The) in a report on Thursday. BidaskClub cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays PLC boosted their price objective on shares of Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. Deutsche Bank AG lowered shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating and boosted their price target for the company from $90.00 to $96.00 in a report on Tuesday, August 8th. Finally, UBS AG restated a “neutral” rating and issued a $94.00 price target (up previously from $86.00) on shares of Allstate Corporation (The) in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $90.54.

In related news, President Matthew E. Winter sold 48,058 shares of Allstate Corporation (The) stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $88.81, for a total value of $4,268,030.98. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sanjay Gupta sold 16,578 shares of Allstate Corporation (The) stock in a transaction on Friday, June 16th. The shares were sold at an average price of $90.74, for a total transaction of $1,504,287.72. Following the completion of the transaction, the insider now owns 68,780 shares in the company, valued at $6,241,097.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 232,264 shares of company stock worth $21,128,164. 1.58% of the stock is currently owned by insiders.

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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