Teacher Retirement System of Texas boosted its stake in Allstate Corporation (The) (NYSE:ALL) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 443,832 shares of the insurance provider’s stock after buying an additional 5,090 shares during the period. Teacher Retirement System of Texas owned 0.12% of Allstate Corporation (The) worth $39,253,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale raised its position in shares of Allstate Corporation (The) by 9.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 602,564 shares of the insurance provider’s stock valued at $53,221,000 after buying an additional 53,347 shares during the last quarter. First Trust Advisors LP raised its position in shares of Allstate Corporation (The) by 2.8% in the second quarter. First Trust Advisors LP now owns 208,353 shares of the insurance provider’s stock valued at $18,427,000 after buying an additional 5,761 shares during the last quarter. Bank of The Ozarks raised its position in shares of Allstate Corporation (The) by 34.6% in the second quarter. Bank of The Ozarks now owns 3,606 shares of the insurance provider’s stock valued at $319,000 after buying an additional 926 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Allstate Corporation (The) by 6.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,260,428 shares of the insurance provider’s stock valued at $199,913,000 after buying an additional 146,513 shares during the last quarter. Finally, Wetherby Asset Management Inc. raised its position in shares of Allstate Corporation (The) by 6.7% in the second quarter. Wetherby Asset Management Inc. now owns 10,827 shares of the insurance provider’s stock valued at $957,000 after buying an additional 681 shares during the last quarter. Institutional investors own 76.91% of the company’s stock.
Allstate Corporation (NYSE ALL) opened at 94.38 on Thursday. The firm has a market capitalization of $34.11 billion, a PE ratio of 13.94 and a beta of 1.10. The company has a 50 day moving average price of $90.76 and a 200-day moving average price of $84.84. Allstate Corporation has a one year low of $66.55 and a one year 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 for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.48. The company had revenue of $8.02 billion for the quarter, compared to the consensus estimate of $7.99 billion. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.62 EPS. On average, equities analysts predict that Allstate Corporation will post $6.50 EPS for the current year.
The business also recently declared 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. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Tuesday, August 29th. Allstate Corporation (The)’s dividend payout ratio (DPR) is currently 21.86%.
Allstate Corporation (The) announced that its Board of Directors has approved a stock buyback program on Tuesday, August 1st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 63% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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Several brokerages have recently commented on ALL. BidaskClub lowered Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays PLC boosted their price objective on 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 Allstate Corporation (The) from a “buy” rating to a “hold” rating and boosted their price objective for the company from $90.00 to $96.00 in a research report on Tuesday, August 8th. UBS AG restated 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. Finally, Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Allstate Corporation (The) currently has an average rating of “Hold” and a consensus price target of $90.54.
In other news, President Matthew E. Winter sold 48,058 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $88.81, for a total value of $4,268,030.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Steven E. Shebik sold 35,197 shares of the 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 transaction, the chief financial officer now directly owns 127,560 shares in the company, valued at approximately $12,026,356.80. The disclosure for this sale can be found here. In the last three months, insiders sold 184,205 shares of company stock worth $16,585,147. 1.58% of the stock is currently owned by company 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.
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