DAVENPORT & Co LLC Sells 3,447 Shares of The Allstate Corporation $ALL

Key Points

• DAVENPORT & Co LLC reduced its stake in The Allstate Corporation by 19.2%, selling 3,447 shares during the second quarter, leaving them with 14,532 shares valued at approximately $2,925,000.
• Allstate reported $5.94 earnings per share for the last quarter, significantly beating the consensus estimate of $3.20, despite its revenue of $15.05 billion falling short of the projected $16.59 billion.
• The company has a current dividend yield of 1.9% and recently declared a quarterly dividend of $1.00 per share, reflecting a payout ratio of 18.81%.

DAVENPORT & Co LLC lessened its stake in The Allstate Corporation (NYSE:ALL - Free Report) by 19.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,532 shares of the insurance provider's stock after selling 3,447 shares during the quarter. DAVENPORT & Co LLC's holdings in Allstate were worth $2,925,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Sequoia Financial Advisors LLC raised its stake in Allstate by 30.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider's stock valued at $2,352,000 after acquiring an additional 2,643 shares during the period. Atlas Capital Advisors Inc. raised its stake in Allstate by 197.3% in the 1st quarter. Atlas Capital Advisors Inc. now owns 6,712 shares of the insurance provider's stock valued at $1,390,000 after acquiring an additional 4,454 shares during the period. Richard Bernstein Advisors LLC bought a new stake in shares of Allstate in the first quarter valued at approximately $3,341,000. Dock Street Asset Management Inc. purchased a new stake in shares of Allstate during the 1st quarter valued at approximately $207,000. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Allstate during the 1st quarter valued at approximately $22,405,000. Institutional investors own 76.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Evercore ISI set a $233.00 target price on Allstate and gave the stock an "in-line" rating in a research report on Wednesday, October 1st. UBS Group increased their target price on Allstate from $235.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday. Wells Fargo & Company set a $202.00 price objective on Allstate and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Roth Capital set a $230.00 price objective on Allstate and gave the stock a "buy" rating in a report on Friday, September 26th. Finally, Barclays reissued an "underweight" rating and issued a $198.00 price target (up from $188.00) on shares of Allstate in a report on Thursday, July 31st. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Allstate currently has an average rating of "Moderate Buy" and a consensus price target of $232.50.

Allstate Trading Up 0.3%

Shares of ALL opened at $212.46 on Thursday. The firm's 50 day simple moving average is $205.82 and its 200 day simple moving average is $201.13. The company has a market capitalization of $55.99 billion, a P/E ratio of 9.99, a P/E/G ratio of 0.82 and a beta of 0.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The Allstate Corporation has a 1-year low of $176.00 and a 1-year high of $215.70.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $2.74. The firm had revenue of $15.05 billion for the quarter, compared to analysts' expectations of $16.59 billion. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The business's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $1.61 EPS. Sell-side analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th were given a dividend of $1.00 per share. The ex-dividend date was Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a yield of 1.9%. Allstate's dividend payout ratio (DPR) is presently 18.81%.

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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