Cornerstone Wealth Group LLC Acquires Shares of 15,159 The Allstate Corporation (NYSE:ALL)

Cornerstone Wealth Group LLC acquired a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 15,159 shares of the insurance provider's stock, valued at approximately $3,139,000.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Allstate by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 32,635,424 shares of the insurance provider's stock valued at $6,291,783,000 after acquiring an additional 389,426 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Allstate by 2.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,334,926 shares of the insurance provider's stock worth $1,799,681,000 after purchasing an additional 218,771 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Allstate by 157.9% in the 4th quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider's stock worth $1,270,705,000 after purchasing an additional 4,035,629 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Allstate by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 6,419,728 shares of the insurance provider's stock worth $1,236,060,000 after purchasing an additional 191,147 shares in the last quarter. Finally, GQG Partners LLC boosted its position in shares of Allstate by 64.1% in the 4th quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider's stock worth $832,181,000 after purchasing an additional 1,685,694 shares in the last quarter. 76.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ALL. Morgan Stanley upped their price objective on Allstate from $225.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Allstate in a research report on Friday, May 16th. Wells Fargo & Company lowered 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. Keefe, Bruyette & Woods upped their price objective on Allstate from $228.00 to $235.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $250.00 price objective (up from $240.00) on shares of Allstate in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $225.20.

Allstate Trading Up 1.4%

Shares of Allstate stock opened at $198.15 on Tuesday. The company has a market capitalization of $52.47 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.02 and a beta of 0.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.40 and a current ratio of 0.40. The company has a fifty day moving average of $200.87 and a 200 day moving average of $196.54. The Allstate Corporation has a fifty-two week low of $157.48 and a fifty-two week high of $213.18.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share for the quarter, missing the consensus estimate of $3.98 by ($0.45). The firm had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $16.41 billion. Allstate had a return on equity of 24.62% and a net margin of 6.19%. The company's quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $5.13 EPS. On average, sell-side analysts anticipate that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate declared that its board has approved a stock repurchase plan on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Monday, June 9th. Allstate's dividend payout ratio is currently 27.32%.

Allstate Company 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.

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