GWM Advisors LLC Acquires New Position in Allstate Corporation (The) (ALL)

GWM Advisors LLC acquired a new position in shares of Allstate Corporation (The) (NYSE:ALL) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,471 shares of the insurance provider’s stock, valued at approximately $308,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Jackson Grant Investment Advisers Inc. raised its stake in Allstate Corporation (The) by 0.4% during the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,216 shares of the insurance provider’s stock worth $108,000 after acquiring an additional 5 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Allstate Corporation (The) by 0.3% during the second quarter. Parkside Financial Bank & Trust now owns 3,082 shares of the insurance provider’s stock worth $273,000 after acquiring an additional 9 shares in the last quarter. Brighton Jones LLC raised its stake in Allstate Corporation (The) by 0.3% during the second quarter. Brighton Jones LLC now owns 3,313 shares of the insurance provider’s stock worth $293,000 after acquiring an additional 10 shares in the last quarter. Sandy Spring Bank raised its stake in Allstate Corporation (The) by 2.5% during the second quarter. Sandy Spring Bank now owns 1,165 shares of the insurance provider’s stock worth $103,000 after acquiring an additional 28 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its stake in Allstate Corporation (The) by 1.3% during the first quarter. Flagship Harbor Advisors LLC now owns 2,709 shares of the insurance provider’s stock worth $219,000 after acquiring an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 76.12% of the company’s stock.

Several research analysts have issued reports on the company. Zacks Investment Research lowered Allstate Corporation (The) from a “hold” rating to a “sell” rating in a research note on Tuesday. Citigroup Inc. dropped their price objective on Allstate Corporation (The) from $107.00 to $106.00 and set a “buy” rating for the company in a research note on Monday, October 2nd. UBS AG dropped their price objective on Allstate Corporation (The) from $94.00 to $93.00 and set a “neutral” rating for the company in a research note on Tuesday, September 19th. Buckingham Research assumed coverage on Allstate Corporation (The) in a research note on Monday, September 11th. They set an “underperform” rating and a $74.00 price objective for the company. Finally, Wells Fargo & Company reiterated a “buy” rating on shares of Allstate Corporation (The) in a research note on Thursday, August 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $90.50.

In other news, President Matthew E. Winter sold 48,059 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $94.53, for a total value of $4,543,017.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Susan L. Lees sold 12,288 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $94.09, for a total value of $1,156,177.92. Following the completion of the sale, the executive vice president now owns 73,511 shares of the company’s stock, valued at $6,916,649.99. The disclosure for this sale can be found here. Insiders sold a total of 143,602 shares of company stock valued at $13,272,624 over the last 90 days. 1.58% of the stock is currently owned by company insiders.

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Allstate Corporation (The) (NYSE:ALL) last posted its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, topping the consensus estimate of $0.90 by $0.48. The firm had revenue of $8.02 billion during the quarter, compared to analyst estimates of $7.99 billion. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. Allstate Corporation (The)’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 EPS.

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

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

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