State Board of Administration of Florida Retirement System boosted its position in Allstate Corporation (The) (NYSE:ALL) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 593,868 shares of the insurance provider’s stock after buying an additional 1,883 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.16% of Allstate Corporation (The) worth $52,522,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of ALL. FNY Partners Fund LP bought a new position in Allstate Corporation (The) during the first quarter worth approximately $122,000. Bronfman E.L. Rothschild L.P. boosted 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 in the last quarter. Oakworth Capital Inc. boosted 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 in 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. 76.91% of the stock is currently owned by institutional investors and hedge funds.
Allstate Corporation (ALL) opened at 92.72 on Tuesday. Allstate Corporation has a one year low of $66.55 and a one year high of $95.25. The company has a market capitalization of $33.51 billion, a price-to-earnings ratio of 13.70 and a beta of 1.10. The firm has a 50-day moving average of $91.15 and a 200 day moving average of $85.27.
Allstate Corporation (The) (NYSE:ALL) last announced its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.48. The business had revenue of $8.02 billion during the quarter, compared to the consensus estimate of $7.99 billion. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. Equities research analysts predict that Allstate Corporation will post $6.51 earnings per share for the current fiscal year.
Allstate Corporation (The) declared that its board has initiated a stock buyback plan on Tuesday, August 1st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 63% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st will be issued 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 1.60%. Allstate Corporation (The)’s dividend payout ratio is presently 21.86%.
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A number of brokerages have recently issued reports on ALL. Barclays PLC cut their price objective on shares of Allstate Corporation (The) from $101.00 to $92.00 and set an “overweight” rating for the company in a research note on Monday, July 3rd. BidaskClub cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Wells Fargo & Company reaffirmed a “buy” rating on shares of Allstate Corporation (The) in a research note on Saturday, June 24th. Deutsche Bank AG cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating and upped their price objective for the company from $90.00 to $96.00 in a research note on Tuesday, August 8th. Finally, Citigroup Inc. upped their price objective on shares of Allstate Corporation (The) from $97.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $90.54.
In other news, insider Sanjay Gupta sold 16,798 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $86.00, for a total transaction of $1,444,628.00. Following the transaction, the insider now owns 65,798 shares in the company, valued at $5,658,628. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Matthew E. Winter sold 48,059 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $94.53, for a total transaction of $4,543,017.27. The disclosure for this sale can be found here. Insiders sold 232,264 shares of company stock valued at $21,128,164 over the last quarter. 1.58% of the stock is currently owned by corporate 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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