Wellington Shields Capital Management LLC lowered its stake in Allstate Corporation (The) (NYSE:ALL) by 3.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,070 shares of the insurance provider’s stock after selling 200 shares during the period. Wellington Shields Capital Management LLC’s holdings in Allstate Corporation (The) were worth $448,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. FNY Partners Fund LP bought a new position in Allstate Corporation (The) during the first quarter valued at $122,000. Bronfman E.L. Rothschild L.P. increased its position in 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 last quarter. Oakworth Capital Inc. increased its position in 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 last quarter. Howard Hughes Medical Institute bought a new position in Allstate Corporation (The) during the first quarter valued at $160,000. Finally, Watermark Asset Management Inc. bought a new position in Allstate Corporation (The) during the first quarter valued at $170,000. 76.36% of the stock is owned by hedge funds and other institutional investors.

Allstate Corporation (NYSE ALL) traded up 0.24% on Friday, hitting $94.16. The company had a trading volume of 682,374 shares. The stock has a market cap of $34.03 billion, a P/E ratio of 13.91 and a beta of 1.10. Allstate Corporation has a 12-month low of $66.55 and a 12-month high of $94.49. The firm’s 50 day moving average price is $89.06 and its 200 day moving average price is $83.42.

Allstate Corporation (The) (NYSE:ALL) last issued its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.48. The company had revenue of $8.02 billion for the quarter, compared to the consensus estimate of $7.99 billion. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business posted $0.62 earnings per share. Equities analysts predict that Allstate Corporation will post $6.39 earnings per share for the current fiscal year.

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

Allstate Corporation (The) declared that its Board of Directors has approved a share repurchase program on Tuesday, August 1st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the insurance provider to buy up to 63% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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Several equities analysts have weighed in on the company. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research report on Tuesday. Macquarie downgraded Allstate Corporation (The) from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $78.00 to $81.00 in a research report on Tuesday, April 18th. They noted that the move was a valuation call. Morgan Stanley reaffirmed an “equal weight” rating and issued a $91.00 price objective (up previously from $85.00) on shares of Allstate Corporation (The) in a research report on Thursday, July 6th. MKM Partners reaffirmed a “buy” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Allstate Corporation (The) in a research report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $88.00 price objective on shares of Allstate Corporation (The) in a research report on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. Allstate Corporation (The) currently has a consensus rating of “Hold” and a consensus price target of $89.38.

In related news, President Matthew E. Winter sold 48,058 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.54, for a total value of $4,255,055.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Harriet K. Harty sold 7,228 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $88.35, for a total transaction of $638,593.80. Following the completion of the sale, the insider now owns 18,260 shares of the company’s stock, valued at approximately $1,613,271. The disclosure for this sale can be found here. In the last quarter, insiders sold 170,677 shares of company stock valued at $14,975,887. 1.58% of the stock is owned by corporate insiders.

About Allstate Corporation (The)

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.

Institutional Ownership by Quarter for Allstate Corporation (The) (NYSE:ALL)

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