IFP Advisors Inc decreased its stake in Allstate Corporation (The) (NYSE:ALL) by 7.2% during the second quarter, Holdings Channel reports. The fund owned 11,720 shares of the insurance provider’s stock after selling 903 shares during the period. IFP Advisors Inc’s holdings in Allstate Corporation (The) were worth $1,037,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Highbridge Capital Management LLC bought a new position in shares of Allstate Corporation (The) during the fourth quarter valued at $405,000. TNB Financial bought a new position in shares of Allstate Corporation (The) during the first quarter valued at $750,000. Honkamp Krueger Financial Services Inc. bought a new position in shares of Allstate Corporation (The) during the first quarter valued at $224,000. Prospera Financial Services Inc bought a new position in shares of Allstate Corporation (The) during the first quarter valued at $201,000. Finally, Private Bank & Trust Co. bought a new position in shares of Allstate Corporation (The) during the first quarter valued at $312,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Shares of Allstate Corporation (ALL) opened at 93.95 on Friday. The company has a 50 day moving average of $90.23 and a 200-day moving average of $84.36. Allstate Corporation has a 12-month low of $66.55 and a 12-month high of $94.70. The firm has a market cap of $33.95 billion, a price-to-earnings ratio of 13.88 and a beta of 1.10.

Allstate Corporation (The) (NYSE:ALL) last released its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.48. The firm had revenue of $8.02 billion during the quarter, compared to analysts’ expectations of $7.99 billion. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 earnings per share. Analysts predict that Allstate Corporation will post $6.50 EPS for the current year.

The firm 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 of this dividend is Tuesday, August 29th. This represents a $1.48 annualized dividend and a yield of 1.58%. Allstate Corporation (The)’s dividend payout ratio (DPR) is 21.86%.

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

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A number of equities analysts recently commented on the company. Macquarie cut Allstate Corporation (The) from an “outperform” rating to a “neutral” rating and lifted their price target 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. Zacks Investment Research cut Allstate Corporation (The) from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Barclays PLC reduced their price target on Allstate Corporation (The) from $101.00 to $92.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. MKM Partners restated a “buy” rating and set a $100.00 price objective (up from $90.00) on shares of Allstate Corporation (The) in a research report on Thursday, May 4th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $90.54.

In other Allstate Corporation (The) news, insider Sanjay Gupta sold 16,798 shares of the company’s 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 completion of the transaction, the insider now directly owns 65,798 shares in the company, valued at $5,658,628. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Matthew E. Winter sold 33,957 shares of the company’s 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 disclosure for this sale can be found here. Insiders have sold 218,162 shares of company stock valued at $19,450,439 over the last 90 days. 1.58% of the stock is currently owned by company insiders.

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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