Tufton Capital Management purchased a new position in shares of Allstate Corporation (The) (NYSE:ALL) during the second quarter, Holdings Channel reports. The fund purchased 2,270 shares of the insurance provider’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALL. FNY Partners Fund LP purchased a new stake in shares of Allstate Corporation (The) during the first quarter valued at $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 in the last quarter. 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 in the last quarter. Howard Hughes Medical Institute purchased a new stake in shares of Allstate Corporation (The) during the first quarter valued at $160,000. Finally, Watermark Asset Management Inc. purchased a new stake in shares of Allstate Corporation (The) during the first quarter valued at $170,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Allstate Corporation (ALL) opened at 94.70 on Thursday. Allstate Corporation has a 52-week low of $66.55 and a 52-week high of $94.70. The stock’s 50 day moving average price is $89.93 and its 200 day moving average price is $84.15. The firm has a market capitalization of $34.22 billion, a price-to-earnings ratio of 13.99 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 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 analysts’ expectations of $7.99 billion. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. Allstate Corporation (The)’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.62 earnings per share. On average, equities analysts anticipate that Allstate Corporation will post $6.46 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 given 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 1.56%. Allstate Corporation (The)’s payout ratio is 21.86%.

Allstate Corporation (The) declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 1st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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Several brokerages have weighed in on ALL. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a report on Tuesday, August 1st. Macquarie cut Allstate Corporation (The) from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $78.00 to $81.00 in a report on Tuesday, April 18th. They noted that the move was a valuation call. Morgan Stanley reissued an “equal weight” rating and set a $91.00 price objective (up from $85.00) on shares of Allstate Corporation (The) in a report on Thursday, July 6th. MKM Partners reissued a “buy” rating and set a $100.00 price objective (up from $90.00) on shares of Allstate Corporation (The) in a report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $88.00 price objective on shares of Allstate Corporation (The) in a report on Friday, June 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $89.38.

In related news, President Matthew E. Winter sold 33,957 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $84.38, for a total transaction of $2,865,291.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Harriet K. Harty sold 7,228 shares of Allstate Corporation (The) stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $88.35, for a total value of $638,593.80. Following the transaction, the insider now directly owns 18,260 shares in the company, valued at approximately $1,613,271. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,162 shares of company stock worth $19,450,439. 1.58% of the stock is owned by 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.

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

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