Sequoia Financial Advisors LLC reduced its holdings in shares of Allstate Corp (NYSE:ALL) by 4.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,823 shares of the insurance provider’s stock after selling 120 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Allstate were worth $287,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Community Bank N.A. raised its position in Allstate by 21.7% in the second quarter. Community Bank N.A. now owns 560 shares of the insurance provider’s stock worth $57,000 after acquiring an additional 100 shares during the period. Cornerstone Advisors Inc. increased its stake in shares of Allstate by 15.3% in the second quarter. Cornerstone Advisors Inc. now owns 800 shares of the insurance provider’s stock worth $81,000 after purchasing an additional 106 shares in the last quarter. Orrstown Financial Services Inc. increased its stake in shares of Allstate by 1.1% in the second quarter. Orrstown Financial Services Inc. now owns 10,417 shares of the insurance provider’s stock worth $1,059,000 after purchasing an additional 116 shares in the last quarter. First National Trust Co increased its stake in shares of Allstate by 5.7% in the first quarter. First National Trust Co now owns 2,626 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 142 shares in the last quarter. Finally, UNIVEST FINANCIAL Corp increased its stake in shares of Allstate by 0.3% in the second quarter. UNIVEST FINANCIAL Corp now owns 43,384 shares of the insurance provider’s stock worth $4,412,000 after purchasing an additional 144 shares in the last quarter. Hedge funds and other institutional investors own 78.26% of the company’s stock.
Several research firms have recently weighed in on ALL. UBS Group lifted their target price on shares of Allstate from $102.00 to $106.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Credit Suisse Group downgraded shares of Allstate from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $100.00 to $94.00 in a research note on Thursday, July 11th. Barclays lifted their target price on shares of Allstate from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, July 1st. Goldman Sachs Group upgraded shares of Allstate from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $106.00 to $110.00 in a research note on Wednesday, May 29th. Finally, Raymond James lifted their target price on shares of Allstate from $115.00 to $125.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $107.25.
NYSE:ALL traded down $1.63 during mid-day trading on Wednesday, hitting $102.81. 9,649 shares of the stock traded hands, compared to its average volume of 1,879,599. The firm’s 50-day moving average is $103.20. The company has a market cap of $34.27 billion, a P/E ratio of 12.74, a PEG ratio of 1.34 and a beta of 0.82. Allstate Corp has a 12-month low of $77.00 and a 12-month high of $109.13. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.28 and a current ratio of 0.28.
Allstate (NYSE:ALL) last released its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $2.18 EPS for the quarter, topping 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 business had revenue of $8.99 billion during the quarter, compared to analysts’ expectations of $8.96 billion. During the same quarter in the previous year, the company earned $2.00 EPS. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Allstate Corp will post 9.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be issued a $0.50 dividend. The ex-dividend date is Thursday, August 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.95%. Allstate’s payout ratio is 24.78%.
In other news, EVP Jesse E. Merten sold 900 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $102.27, for a total value of $92,043.00. Following the completion of the sale, the executive vice president now directly owns 4,869 shares in the company, valued at approximately $497,952.63. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Steven E. Shebik sold 35,014 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $103.64, for a total transaction of $3,628,850.96. Following the completion of the sale, the insider now owns 121,476 shares of the company’s stock, valued at $12,589,772.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,836 shares of company stock valued at $13,071,947. Company insiders own 1.60% of the company’s stock.
Allstate Company Profile
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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