Canandaigua National Bank & Trust Co. Takes Position in The Allstate Corporation $ALL

Canandaigua National Bank & Trust Co. acquired a new stake in shares of The Allstate Corporation (NYSE:ALL) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 10,260 shares of the insurance provider’s stock, valued at approximately $2,441,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Grove Bank & Trust increased its position in shares of Allstate by 10.9% during the second quarter. Grove Bank & Trust now owns 2,551 shares of the insurance provider’s stock valued at $607,000 after buying an additional 250 shares during the period. CoreCap Advisors LLC boosted its position in shares of Allstate by 51.2% in the second quarter. CoreCap Advisors LLC now owns 1,406 shares of the insurance provider’s stock valued at $334,000 after acquiring an additional 476 shares during the period. Pacific Excel Wealth Advisors Inc. purchased a new position in Allstate during the second quarter valued at approximately $335,000. Meadowbrook Wealth Management LLC bought a new stake in Allstate during the 2nd quarter worth approximately $219,000. Finally, Versant Capital Management Inc increased its holdings in Allstate by 31.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,693 shares of the insurance provider’s stock worth $403,000 after acquiring an additional 406 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Trading Down 0.1%

Shares of ALL opened at $262.47 on Wednesday. The firm’s 50 day simple moving average is $237.86 and its 200 day simple moving average is $219.05. The company has a market capitalization of $67.56 billion, a P/E ratio of 5.79, a P/E/G ratio of 0.45 and a beta of 0.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $277.22.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be issued a $1.08 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.6%. Allstate’s dividend payout ratio is presently 9.53%.

Wall Street Analyst Weigh In

Several brokerages have commented on ALL. JPMorgan Chase & Co. raised their price target on shares of Allstate from $263.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Morgan Stanley upped their price target on shares of Allstate from $215.00 to $240.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods increased their price objective on Allstate from $242.00 to $255.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Finally, Evercore set a $240.00 price objective on Allstate in a research note on Friday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $254.80.

Insiders Place Their Bets

In related news, insider Mark Q. Prindiville sold 1,550 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, the insider directly owned 27,558 shares in the company, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at approximately $451,474.75. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by corporate insiders.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.