Bruce & Co. Inc. Trims Stake in The Allstate Corporation (NYSE:ALL)

Key Points

• Bruce & Co. Inc. has reduced its stake in The Allstate Corporation by 3.8%, now holding 125,500 shares valued at approximately $25.99 million, which accounts for 8.3% of its portfolio.
• Significant increases in Allstate holdings were observed from major investors, including Bank of America, which grew its stake by 157.9% recently.
• Allstate declared a quarterly dividend of $1.00 per share, set to be paid on October 1st, representing an annualized dividend yield of 2.04%.

Bruce & Co. Inc. reduced its stake in The Allstate Corporation (NYSE:ALL - Free Report) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 125,500 shares of the insurance provider's stock after selling 5,000 shares during the period. Allstate makes up 8.3% of Bruce & Co. Inc.'s portfolio, making the stock its 3rd biggest position. Bruce & Co. Inc.'s holdings in Allstate were worth $25,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Allstate by 25.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,709,610 shares of the insurance provider's stock valued at $2,424,710,000 after buying an additional 2,374,684 shares during the last quarter. Candriam S.C.A. boosted its position in shares of Allstate by 91.2% during the first quarter. Candriam S.C.A. now owns 208,509 shares of the insurance provider's stock valued at $43,176,000 after buying an additional 99,471 shares during the last quarter. GDS Wealth Management boosted its position in shares of Allstate by 3.5% during the first quarter. GDS Wealth Management now owns 92,352 shares of the insurance provider's stock valued at $19,123,000 after buying an additional 3,119 shares during the last quarter. Capital Analysts LLC boosted its position in shares of Allstate by 370.0% during the first quarter. Capital Analysts LLC now owns 2,068 shares of the insurance provider's stock valued at $428,000 after buying an additional 1,628 shares during the last quarter. Finally, Erste Asset Management GmbH boosted its position in shares of Allstate by 9.1% during the first quarter. Erste Asset Management GmbH now owns 63,647 shares of the insurance provider's stock valued at $13,142,000 after buying an additional 5,308 shares during the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on ALL shares. Wells Fargo & Company dropped their price objective on Allstate from $200.00 to $197.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 6th. Raymond James Financial reissued a "strong-buy" rating and issued a $250.00 target price (up from $240.00) on shares of Allstate in a research report on Monday, May 5th. William Blair began coverage on Allstate in a research report on Friday, June 6th. They issued a "sector outperform" rating on the stock. Morgan Stanley raised their target price on Allstate from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, Wall Street Zen cut Allstate from a "buy" rating to a "hold" rating in a research report on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $227.73.

Allstate Price Performance

ALL traded up $13.04 on Thursday, hitting $205.32. 2,739,196 shares of the company's stock traded hands, compared to its average volume of 1,763,428. The company's 50 day simple moving average is $198.43 and its 200-day simple moving average is $196.97. The firm has a market cap of $54.37 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.01 and a beta of 0.33. The Allstate Corporation has a one year low of $168.36 and a one year high of $213.18. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $2.74. The company had revenue of $15.05 billion for the quarter, compared to the consensus estimate of $16.59 billion. Allstate had a return on equity of 24.62% and a net margin of 6.19%. The firm's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company earned $1.61 EPS. As a group, research analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. Allstate's dividend payout ratio (DPR) is 27.32%.

Allstate Profile

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.