Manning & Napier Advisors LLC Increases Stake in The Allstate Corporation (NYSE:ALL)

Manning & Napier Advisors LLC increased its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 40.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,000 shares of the insurance provider's stock after buying an additional 10,901 shares during the period. Manning & Napier Advisors LLC's holdings in Allstate were worth $7,869,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ALL. Bank of America Corp DE increased its stake in shares of Allstate by 157.9% during the fourth quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider's stock valued at $1,270,705,000 after buying an additional 4,035,629 shares during the period. Norges Bank bought a new stake in Allstate during the fourth quarter valued at about $344,354,000. GQG Partners LLC boosted its position in Allstate by 64.1% during the fourth quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider's stock valued at $832,181,000 after purchasing an additional 1,685,694 shares in the last quarter. GAMMA Investing LLC boosted its position in Allstate by 25,026.1% during the first quarter. GAMMA Investing LLC now owns 1,273,895 shares of the insurance provider's stock valued at $263,785,000 after purchasing an additional 1,268,825 shares in the last quarter. Finally, Castle Hook Partners LP boosted its position in Allstate by 1,303.3% during the fourth quarter. Castle Hook Partners LP now owns 824,838 shares of the insurance provider's stock valued at $159,021,000 after purchasing an additional 766,058 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ALL shares. Barclays dropped their price objective on Allstate from $183.00 to $172.00 and set an "underweight" rating on the stock in a research report on Friday, April 11th. Evercore ISI raised their price objective on Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. BMO Capital Markets reaffirmed an "outperform" rating on shares of Allstate in a research report on Friday, May 16th. Keefe, Bruyette & Woods raised their price target on Allstate from $228.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $250.00 price target (up previously from $240.00) on shares of Allstate in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Allstate currently has an average rating of "Moderate Buy" and a consensus target price of $225.20.

Allstate Stock Down 0.1%

Shares of ALL stock opened at $195.47 on Monday. The stock has a 50 day moving average of $200.82 and a 200 day moving average of $196.58. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40. The stock has a market cap of $51.76 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.02 and a beta of 0.35. The Allstate Corporation has a twelve month low of $157.48 and a twelve month high of $213.18.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly 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 company had revenue of $14.30 billion for the quarter, compared to analysts' expectations of $16.41 billion. Allstate had a net margin of 6.19% and a return on equity of 24.62%. The firm's revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.13 earnings per share. As a group, sell-side analysts expect that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Monday, June 9th. Allstate's dividend payout ratio is currently 27.32%.

Allstate announced that its board has approved a share buyback plan on Wednesday, February 26th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are typically 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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