Oppenheimer Asset Management Inc. Sells 4,366 Shares of The Allstate Corporation (NYSE:ALL)

Oppenheimer Asset Management Inc. reduced its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 7.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,756 shares of the insurance provider's stock after selling 4,366 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Allstate were worth $11,960,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vantage Point Financial LLC lifted its holdings in shares of Allstate by 3.6% in the 1st quarter. Vantage Point Financial LLC now owns 1,495 shares of the insurance provider's stock worth $310,000 after acquiring an additional 52 shares during the last quarter. Consolidated Planning Corp lifted its holdings in shares of Allstate by 1,639.4% in the 1st quarter. Consolidated Planning Corp now owns 21,256 shares of the insurance provider's stock worth $4,401,000 after acquiring an additional 20,034 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Allstate by 0.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 48,762 shares of the insurance provider's stock worth $10,097,000 after acquiring an additional 386 shares during the last quarter. Manning & Napier Advisors LLC lifted its holdings in shares of Allstate by 40.2% in the 1st quarter. Manning & Napier Advisors LLC now owns 38,000 shares of the insurance provider's stock worth $7,869,000 after acquiring an additional 10,901 shares during the last quarter. Finally, Center for Financial Planning Inc. lifted its holdings in shares of Allstate by 6.6% in the 1st quarter. Center for Financial Planning Inc. now owns 1,784 shares of the insurance provider's stock worth $369,000 after acquiring an additional 110 shares during the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Stock Down 2.6%

Shares of NYSE:ALL traded down $5.03 during trading hours on Wednesday, hitting $191.02. The company's stock had a trading volume of 2,291,367 shares, compared to its average volume of 1,621,164. The Allstate Corporation has a 52 week low of $157.48 and a 52 week high of $213.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.40 and a quick ratio of 0.40. The company has a market capitalization of $50.59 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 1.02 and a beta of 0.35. The firm's fifty day moving average price is $200.84 and its 200 day moving average price is $196.50.

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

Allstate announced that its board has approved a stock repurchase plan on Wednesday, February 26th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the insurance provider to buy up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 9th will be issued a $1.00 dividend. The ex-dividend date is Monday, June 9th. This represents a $4.00 annualized dividend and a dividend yield of 2.09%. Allstate's dividend payout ratio is currently 27.32%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. 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. Raymond James Financial restated a "strong-buy" rating and issued a $250.00 target price (up previously from $240.00) on shares of Allstate in a report on Monday, May 5th. BMO Capital Markets restated an "outperform" rating on shares of Allstate in a report on Friday, May 16th. Wall Street Zen upgraded shares of Allstate from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. Finally, Morgan Stanley raised their target price on shares of Allstate from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. 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 assigned a strong buy rating to the company's stock. According to MarketBeat, Allstate presently has a consensus rating of "Moderate Buy" and a consensus price target of $225.20.

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.