Rafferty Asset Management LLC Lowers Stock Position in The Allstate Corporation $ALL

Key Points

• Rafferty Asset Management LLC reduced its stake in The Allstate Corporation by 7.0%, owning 86,874 shares valued at approximately $17.99 million after selling 6,548 shares.
• Multiple analysts have increased their target prices for Allstate, with BMO Capital Markets setting a new target of $235.00, while Raymond James raised its target to $260.00.
• Allstate announced a quarterly dividend of $1.00 per share, reflecting an annualized yield of 2.0%, with the ex-dividend date on August 29th.

Rafferty Asset Management LLC trimmed its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 7.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,874 shares of the insurance provider's stock after selling 6,548 shares during the period. Rafferty Asset Management LLC's holdings in Allstate were worth $17,989,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Hughes Financial Services LLC acquired a new position in shares of Allstate during the 1st quarter worth $28,000. Kapitalo Investimentos Ltda acquired a new position in Allstate during the fourth quarter worth $29,000. Meeder Asset Management Inc. increased its holdings in Allstate by 113.8% during the 1st quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 99 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Allstate in the first quarter valued at about $43,000. Finally, Mattson Financial Services LLC acquired a new stake in shares of Allstate in the fourth quarter valued at approximately $44,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ALL has been the topic of a number of recent research reports. BMO Capital Markets upped their target price on Allstate from $230.00 to $235.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. Keefe, Bruyette & Woods increased their price objective on shares of Allstate from $237.00 to $246.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Evercore ISI raised their price objective on Allstate from $227.00 to $230.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. William Blair assumed coverage on Allstate in a report on Friday, June 6th. They set a "sector outperform" rating for the company. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $260.00 price target (up from $250.00) on shares of Allstate in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $230.73.

Allstate Stock Up 0.4%

Shares of NYSE:ALL opened at $202.97 on Wednesday. The company has a market capitalization of $53.49 billion, a price-to-earnings ratio of 9.54, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company has a 50 day moving average of $199.31 and a two-hundred day moving average of $199.21. The Allstate Corporation has a 52-week low of $176.00 and a 52-week high of $214.76. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results 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. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The business had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $16.59 billion. During the same period in the prior year, the firm earned $1.61 earnings per share. The business's quarterly revenue was up 5.8% compared to the same quarter last year. As a group, analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, August 29th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 29th. Allstate's payout ratio is presently 18.81%.

Allstate 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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