Bank of Nova Scotia Sells 7,852 Shares of The Allstate Corporation (NYSE:ALL)

Key Points

• Bank of Nova Scotia reduced its stake in The Allstate Corporation by 21.1% after selling 7,852 shares, ending the quarter with 29,279 shares valued at $6,063,000.
• Allstate reported quarterly earnings of $5.94 EPS, significantly above the expected $3.20, with a revenue of $15.05 billion, which was lower than analyst estimates of $16.59 billion.
• Allstate will pay a quarterly dividend of $1.00 per share on October 1st, with a current annualized yield of 2.0% and a dividend payout ratio of 18.81%.

Bank of Nova Scotia reduced its position in The Allstate Corporation (NYSE:ALL - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,279 shares of the insurance provider's stock after selling 7,852 shares during the quarter. Bank of Nova Scotia's holdings in Allstate were worth $6,063,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock valued at $1,253,000 after purchasing an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $231,000. Stenger Family Office LLC acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $439,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $377,000. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of Allstate by 231.8% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 20,149 shares of the insurance provider's stock valued at $3,885,000 after purchasing an additional 14,077 shares in the last quarter. 76.47% of the stock is owned by institutional investors.

Allstate Stock Up 1.6%

Allstate stock opened at $202.91 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. The Allstate Corporation has a 52-week low of $168.36 and a 52-week high of $213.18. The firm has a 50 day moving average price of $198.36 and a two-hundred day moving average price of $197.41. The firm has a market cap of $53.47 billion, a price-to-earnings ratio of 9.54, a PEG ratio of 0.90 and a beta of 0.35.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $2.74. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The firm had revenue of $15.05 billion during the quarter, compared to analyst estimates of $16.59 billion. During the same quarter last year, the business earned $1.61 EPS. The company's revenue was up 5.8% compared to the same quarter last year. Equities analysts predict that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be issued a dividend of $1.00 per share. The ex-dividend date is Friday, August 29th. This represents a $4.00 annualized dividend and a yield of 2.0%. Allstate's dividend payout ratio (DPR) is presently 18.81%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ALL shares. Morgan Stanley raised their price target on shares of Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday. Keefe, Bruyette & Woods raised their price target on shares of Allstate from $235.00 to $237.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Barclays restated an "underweight" rating and issued a $198.00 price target (up from $188.00) on shares of Allstate in a research note on Thursday. Evercore ISI raised their price target on shares of Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, William Blair initiated coverage on shares of Allstate in a report on Friday, June 6th. They issued a "sector outperform" rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Allstate currently has an average rating of "Moderate Buy" and an average price target of $229.07.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.

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