Kornitzer Capital Management Inc. KS Reduces Holdings in The Allstate Corporation $ALL

Kornitzer Capital Management Inc. KS reduced its holdings in shares of The Allstate Corporation (NYSE:ALL) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 226,168 shares of the insurance provider’s stock after selling 3,903 shares during the period. Allstate comprises 1.0% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 24th largest holding. Kornitzer Capital Management Inc. KS’s holdings in Allstate were worth $48,547,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ALL. Brighton Jones LLC raised its holdings in Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider’s stock worth $1,253,000 after purchasing an additional 2,443 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Allstate in the fourth quarter worth about $231,000. Perigon Wealth Management LLC lifted its position in shares of Allstate by 9.4% during the 2nd quarter. Perigon Wealth Management LLC now owns 3,098 shares of the insurance provider’s stock valued at $624,000 after buying an additional 265 shares in the last quarter. Patton Fund Management Inc. bought a new position in shares of Allstate during the 2nd quarter valued at approximately $230,000. Finally, Independence Bank of Kentucky increased its holdings in Allstate by 6.8% in the 2nd quarter. Independence Bank of Kentucky now owns 3,428 shares of the insurance provider’s stock worth $690,000 after acquiring an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Insider Activity at Allstate

In other news, insider Suren Gupta sold 21,871 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $215.21, for a total value of $4,706,857.91. Following the sale, the insider directly owned 100,646 shares in the company, valued at $21,660,025.66. The trade was a 17.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 48,400 shares of company stock valued at $10,313,256. Company insiders own 1.70% of the company’s stock.

Allstate Price Performance

NYSE:ALL opened at $196.08 on Tuesday. The business’s 50-day moving average is $205.70 and its 200 day moving average is $203.39. The Allstate Corporation has a 12 month low of $176.00 and a 12 month high of $215.89. The company has a market capitalization of $51.31 billion, a P/E ratio of 6.35, a P/E/G ratio of 0.42 and a beta of 0.24. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.32.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, November 5th. The insurance provider reported $11.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.48 by $5.69. The business had revenue of $17.26 billion for the quarter, compared to the consensus estimate of $16.59 billion. Allstate had a return on equity of 35.42% and a net margin of 12.53%.The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.91 EPS. On average, equities research analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were given a dividend of $1.00 per share. The ex-dividend date was Monday, December 1st. This represents a $4.00 annualized dividend and a yield of 2.0%. Allstate’s dividend payout ratio (DPR) is 12.95%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALL. Keefe, Bruyette & Woods increased their price objective on shares of Allstate from $250.00 to $254.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Wall Street Zen lowered Allstate from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Wells Fargo & Company boosted their price objective on Allstate from $216.00 to $223.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Mizuho set a $255.00 price objective on Allstate in a research note on Wednesday, January 14th. Finally, BMO Capital Markets increased their target price on Allstate from $235.00 to $244.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $236.19.

Allstate Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.