Lowe Brockenbrough & Co. Inc. cut its stake in Allstate Corporation (The) (NYSE:ALL) by 3.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 17,970 shares of the insurance provider’s stock after selling 602 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Allstate Corporation (The) were worth $1,589,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. FNY Partners Fund LP acquired a new stake in shares of Allstate Corporation (The) during the first quarter valued at approximately $122,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of 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 valued at $126,000 after buying an additional 122 shares during the period. Oakworth Capital Inc. boosted its stake in shares of Allstate Corporation (The) by 505.8% in the first quarter. Oakworth Capital Inc. now owns 1,775 shares of the insurance provider’s stock valued at $145,000 after buying an additional 1,482 shares during the period. Howard Hughes Medical Institute purchased a new stake in Allstate Corporation (The) during the first quarter worth about $160,000. Finally, Watermark Asset Management Inc. purchased a new stake in Allstate Corporation (The) during the first quarter worth about $170,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Shares of Allstate Corporation (NYSE ALL) opened at 93.95 on Friday. Allstate Corporation has a 1-year low of $66.55 and a 1-year high of $94.70. The stock has a 50 day moving average price of $90.23 and a 200 day moving average price of $84.36. The company has a market capitalization of $33.95 billion, a price-to-earnings ratio of 13.88 and a beta of 1.10.

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 Thomson Reuters’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The company had revenue of $8.02 billion for the quarter, compared to analysts’ expectations of $7.99 billion. During the same period last year, the firm earned $0.62 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts forecast that Allstate Corporation will post $6.50 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.37 per share. The ex-dividend date is Tuesday, August 29th. This represents a $1.48 annualized dividend and a dividend yield of 1.58%. Allstate Corporation (The)’s dividend payout ratio is presently 21.86%.

Allstate Corporation (The) declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 1st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 63% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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A number of analysts recently issued reports on ALL shares. Zacks Investment Research cut Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. MKM Partners reissued a “buy” rating and set a $100.00 price objective (up previously from $90.00) on shares of Allstate Corporation (The) in a research report on Thursday, May 4th. Citigroup Inc. lifted their price objective on Allstate Corporation (The) from $97.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. Deutsche Bank AG cut Allstate Corporation (The) from a “buy” rating to a “hold” rating and lifted their price objective for the company from $90.00 to $96.00 in a research report on Tuesday, August 8th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $91.00 price objective (up previously from $85.00) on shares of Allstate Corporation (The) in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $90.54.

In related news, insider Sanjay Gupta sold 16,798 shares of Allstate Corporation (The) stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $86.00, for a total value of $1,444,628.00. Following the transaction, the insider now directly owns 65,798 shares of the company’s stock, valued at $5,658,628. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Matthew E. Winter sold 33,957 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $84.38, for a total transaction of $2,865,291.66. The disclosure for this sale can be found here. Insiders have sold 218,162 shares of company stock worth $19,450,439 over the last ninety days. Insiders own 1.58% of the company’s stock.

Allstate Corporation (The) Company Profile

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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