Envestnet Portfolio Solutions Inc. Cuts Stock Holdings in The Allstate Corporation (NYSE:ALL)

Envestnet Portfolio Solutions Inc. decreased its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 10.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,107 shares of the insurance provider's stock after selling 5,507 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Allstate were worth $9,754,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Los Angeles Capital Management LLC grew its holdings in shares of Allstate by 10.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider's stock valued at $98,065,000 after buying an additional 48,382 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Allstate by 56.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 186,792 shares of the insurance provider's stock worth $36,012,000 after purchasing an additional 67,032 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Allstate by 4.7% in the fourth quarter. CIBC Asset Management Inc now owns 40,579 shares of the insurance provider's stock worth $7,823,000 after purchasing an additional 1,828 shares during the last quarter. Keybank National Association OH boosted its holdings in Allstate by 1.7% in the fourth quarter. Keybank National Association OH now owns 344,875 shares of the insurance provider's stock worth $66,489,000 after purchasing an additional 5,786 shares during the last quarter. Finally, Blackstone Inc. purchased a new stake in Allstate in the fourth quarter worth approximately $52,053,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ALL shares. Keefe, Bruyette & Woods raised their target price on shares of Allstate from $228.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Allstate from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. BMO Capital Markets restated an "outperform" rating on shares of Allstate in a report on Friday, May 16th. Argus upgraded shares of Allstate from a "hold" rating to a "buy" rating in a report on Monday, March 3rd. Finally, William Blair started coverage on shares of Allstate in a report on Friday, June 6th. They issued a "sector outperform" rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $225.20.

Allstate Trading Down 1.3%

Shares of Allstate stock opened at $195.68 on Friday. The stock has a market capitalization of $51.82 billion, a PE ratio of 13.37, a P/E/G ratio of 1.02 and a beta of 0.35. The Allstate Corporation has a 1-year low of $157.48 and a 1-year high of $213.18. The company's fifty day simple moving average is $200.76 and its 200-day simple moving average is $196.74. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.40 and a quick ratio of 0.40.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 EPS for the quarter, missing the consensus estimate of $3.98 by ($0.45). The firm had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $16.41 billion. Allstate had a net margin of 6.19% and a return on equity of 24.62%. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.13 earnings per share. As a group, equities analysts anticipate that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 9th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $4.00 annualized dividend and a dividend yield of 2.04%. Allstate's payout ratio is 27.32%.

Allstate announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 26th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

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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