Ropes Wealth Advisors LLC purchased a new position in shares of Allstate Corp (NYSE:ALL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,030 shares of the insurance provider’s stock, valued at approximately $206,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALL. Strategy Asset Managers LLC purchased a new position in shares of Allstate during the first quarter worth about $25,000. Manchester Financial Inc. acquired a new stake in Allstate in the second quarter valued at about $25,000. Mcmillion Capital Management Inc. acquired a new stake in Allstate in the second quarter valued at about $35,000. Enterprise Financial Services Corp lifted its position in Allstate by 85.1% in the first quarter. Enterprise Financial Services Corp now owns 385 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 177 shares during the period. Finally, Osborn Williams & Donohoe LLC acquired a new stake in Allstate in the first quarter valued at about $38,000. 78.26% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on ALL shares. UBS Group raised their price objective on shares of Allstate from $102.00 to $106.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Morgan Stanley raised their price objective on shares of Allstate from $100.00 to $108.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Credit Suisse Group downgraded shares of Allstate from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $100.00 to $94.00 in a research report on Thursday, July 11th. Goldman Sachs Group upgraded shares of Allstate from a “neutral” rating to a “buy” rating and raised their price objective for the company from $106.00 to $110.00 in a research report on Wednesday, May 29th. Finally, Barclays raised their price objective on shares of Allstate from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Monday, July 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $107.25.
Allstate (NYSE:ALL) last posted its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $2.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.70. Allstate had a net margin of 6.52% and a return on equity of 12.66%. The company had revenue of $8.99 billion during the quarter, compared to the consensus estimate of $8.96 billion. During the same period last year, the firm earned $2.00 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities research analysts expect that Allstate Corp will post 9.35 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.96%. Allstate’s payout ratio is 24.78%.
In other news, Vice Chairman Steven E. Shebik sold 26,446 shares of Allstate stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $103.56, for a total transaction of $2,738,747.76. Following the completion of the sale, the insider now directly owns 153,154 shares in the company, valued at approximately $15,860,628.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Susan L. Lees sold 30,189 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $102.26, for a total transaction of $3,087,127.14. Following the completion of the transaction, the executive vice president now owns 62,854 shares in the company, valued at approximately $6,427,450.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 126,836 shares of company stock valued at $13,071,947. Insiders own 1.60% of the company’s stock.
The Allstate Corporation, through its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection, Service Businesses, Allstate Life, and Allstate Benefits segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home insurance; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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