Ritholtz Wealth Management lessened its stake in The Allstate Co. (NYSE:ALL – Free Report) by 67.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,019 shares of the insurance provider’s stock after selling 6,255 shares during the period. Ritholtz Wealth Management’s holdings in Allstate were worth $335,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Carmel Capital Partners LLC acquired a new stake in shares of Allstate in the 1st quarter worth $48,000. Proficio Capital Partners LLC purchased a new position in shares of Allstate during the 1st quarter worth $107,000. Comprehensive Financial Consultants Institutional Inc. boosted its holdings in Allstate by 3.8% during the 1st quarter. Comprehensive Financial Consultants Institutional Inc. now owns 11,665 shares of the insurance provider’s stock valued at $1,293,000 after acquiring an additional 426 shares during the period. Nordea Investment Management AB grew its position in shares of Allstate by 3.8% during the first quarter. Nordea Investment Management AB now owns 1,293,989 shares of the insurance provider’s stock worth $142,533,000 after buying an additional 47,476 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Allstate by 314.7% during the first quarter. Assenagon Asset Management S.A. now owns 302,128 shares of the insurance provider’s stock worth $33,479,000 after purchasing an additional 229,266 shares during the last quarter. 75.44% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Barclays reduced their price objective on Allstate from $122.00 to $117.00 in a research note on Friday, June 16th. William Blair upgraded Allstate from a “market perform” rating to an “outperform” rating in a research note on Monday, April 3rd. BMO Capital Markets cut their price target on Allstate from $130.00 to $120.00 and set a “market perform” rating for the company in a research note on Wednesday, March 29th. Wells Fargo & Company dropped their price objective on Allstate from $104.00 to $100.00 and set an “underweight” rating on the stock in a report on Wednesday, April 5th. Finally, Citigroup dropped their price objective on Allstate from $150.00 to $138.00 in a report on Tuesday, April 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $138.38.
Allstate Stock Up 1.3 %
Allstate (NYSE:ALL – Free Report) last issued its earnings results on Thursday, May 4th. The insurance provider reported ($1.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.94) by $0.64. The business had revenue of $13.79 billion for the quarter, compared to analysts’ expectations of $13.68 billion. Allstate had a negative return on equity of 7.77% and a negative net margin of 4.33%. The company’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.58 EPS. On average, equities analysts predict that The Allstate Co. will post 1.61 EPS for the current fiscal year.
Allstate Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Friday, June 2nd were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Thursday, June 1st. This represents a $3.56 dividend on an annualized basis and a yield of 3.22%. Allstate’s payout ratio is -40.14%.
Allstate Company Profile
The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; other personal lines products; and commercial lines products under the Allstate and Encompass brand names.
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