IBM Retirement Fund decreased its position in shares of Allstate Corp (NYSE:ALL) by 13.6% in the 2nd quarter, Holdings Channel reports. The firm owned 6,764 shares of the insurance provider’s stock after selling 1,062 shares during the quarter. IBM Retirement Fund’s holdings in Allstate were worth $617,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. 6 Meridian raised its holdings in Allstate by 46.4% during the 1st quarter. 6 Meridian now owns 238,859 shares of the insurance provider’s stock worth $22,644,000 after purchasing an additional 75,757 shares during the last quarter. Reliance Trust Co. of Delaware raised its holdings in Allstate by 8.6% during the 2nd quarter. Reliance Trust Co. of Delaware now owns 7,277 shares of the insurance provider’s stock worth $664,000 after purchasing an additional 575 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in Allstate by 7.4% during the 1st quarter. OppenheimerFunds Inc. now owns 522,045 shares of the insurance provider’s stock worth $49,490,000 after purchasing an additional 35,921 shares during the last quarter. Gideon Capital Advisors Inc. bought a new position in Allstate during the 1st quarter worth approximately $617,000. Finally, Sei Investments Co. increased its stake in shares of Allstate by 406.4% in the 2nd quarter. Sei Investments Co. now owns 363,046 shares of the insurance provider’s stock valued at $33,136,000 after acquiring an additional 291,352 shares in the last quarter. Hedge funds and other institutional investors own 76.24% of the company’s stock.
In related news, insider Glenn T. Shapiro sold 21,728 shares of Allstate stock in a transaction on Monday, August 6th. The shares were sold at an average price of $98.70, for a total value of $2,144,553.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Susan L. Lees sold 22,189 shares of Allstate stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $99.24, for a total transaction of $2,202,036.36. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
NYSE:ALL opened at $100.03 on Friday. The firm has a market capitalization of $35.00 billion, a PE ratio of 11.82, a P/E/G ratio of 1.29 and a beta of 0.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.26 and a quick ratio of 0.26. Allstate Corp has a twelve month low of $86.15 and a twelve month high of $105.36.
Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, August 1st. The insurance provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.45. Allstate had a net margin of 9.06% and a return on equity of 15.21%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the previous year, the business posted $1.38 EPS. Allstate’s revenue for the quarter was up 5.5% compared to the same quarter last year. analysts forecast that Allstate Corp will post 9.43 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, August 31st will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, August 30th. Allstate’s payout ratio is currently 27.42%.
Several research firms have recently weighed in on ALL. Zacks Investment Research upgraded shares of Allstate from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a research note on Monday, August 27th. ValuEngine lowered shares of Allstate from a “hold” rating to a “sell” rating in a research note on Thursday, June 21st. Wells Fargo & Co reiterated a “hold” rating on shares of Allstate in a research note on Thursday, May 17th. B. Riley lifted their price objective on shares of Allstate from $88.00 to $103.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Finally, Credit Suisse Group lowered their price objective on shares of Allstate from $114.00 to $112.00 and set a “buy” rating for the company in a research note on Tuesday, August 28th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $103.92.
Allstate Company Profile
The Allstate Corporation, together with its subsidiaries, engages in property and casualty insurance, and life insurance businesses in the United States and Canada. The company's Allstate Protection segment sells private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products, including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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