Allstate Corporation (The) (NYSE:ALL) Stake Decreased by Private Asset Management Inc.

Private Asset Management Inc. lowered 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 institutional investor 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 quarter.

A number of other institutional investors have also recently made changes to their positions in ALL. BlackRock Inc. increased its position 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. Vanguard Group Inc. boosted its stake in 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. State Street Corp boosted its stake in Allstate Corporation (The) by 3.0% in the first quarter. State Street Corp now owns 18,074,304 shares of the insurance provider’s stock valued at $1,472,962,000 after buying an additional 530,591 shares during the last quarter. Boston Partners boosted its stake in Allstate Corporation (The) by 3.8% in the first quarter. Boston Partners now owns 9,278,481 shares of the insurance provider’s stock valued at $756,103,000 after buying an additional 341,615 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Allstate Corporation (The) by 6.1% in the first quarter. AQR Capital Management LLC now owns 6,268,589 shares of the insurance provider’s stock valued at $510,828,000 after buying an additional 363,084 shares during the last quarter. 76.91% of the stock is owned by hedge funds and other institutional investors.

Shares of Allstate Corporation (NYSE ALL) traded down 0.44% during mid-day trading on Friday, hitting $92.92. 2,595,339 shares of the stock were exchanged. The stock’s 50 day moving average price is $91.03 and its 200-day moving average price is $85.02. The stock has a market capitalization of $33.58 billion, a P/E ratio of 13.73 and a beta of 1.10. Allstate Corporation has a 12-month low of $66.55 and a 12-month high of $95.25.

Allstate Corporation (The) (NYSE:ALL) last posted its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the 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 the consensus estimate of $7.99 billion. During the same quarter last year, the firm posted $0.62 EPS. Allstate Corporation (The)’s revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts expect that Allstate Corporation will post $6.51 EPS for the current fiscal year.

Allstate Corporation (The) announced that its Board of Directors has authorized a stock repurchase program on Tuesday, August 1st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

The firm also recently declared 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. This represents a $1.48 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, August 29th. Allstate Corporation (The)’s payout ratio is currently 21.86%.

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Several equities research analysts have weighed in on the stock. Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a research report on Tuesday, August 1st. BidaskClub cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley reiterated 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 report on Thursday, July 6th. MKM Partners reiterated a “buy” rating and set a $100.00 price target (up previously from $90.00) on shares of Allstate Corporation (The) in a research report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $88.00 price target on shares of Allstate Corporation (The) in a research report on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. Allstate Corporation (The) presently has a consensus rating of “Hold” and a consensus target price of $90.54.

In other Allstate Corporation (The) news, EVP Susan L. Lees sold 12,288 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $94.09, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sanjay Gupta sold 16,798 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $86.00, for a total value of $1,444,628.00. Following the transaction, the insider now owns 65,798 shares in the company, valued at $5,658,628. The disclosure for this sale can be found here. In the last three months, insiders sold 232,264 shares of company stock valued at $21,128,164. 1.58% of the stock is currently owned by insiders.

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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