State of Alaska Department of Revenue Cuts Stock Holdings in The Allstate Corporation $ALL

Key Points

• The State of Alaska Department of Revenue reduced its stake in The Allstate Corporation by 4.2% during the second quarter, now holding 29,751 shares worth approximately $5.99 million.
• Equity analysts have recently increased target prices for Allstate, with Jefferies raising it to $255.00 and Morgan Stanley to $245.00, signaling a general positive outlook.
• Allstate announced a quarterly dividend of $1.00 per share with a dividend yield of 1.9%, to be paid on October 1st.

State of Alaska Department of Revenue lowered its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,751 shares of the insurance provider's stock after selling 1,295 shares during the quarter. State of Alaska Department of Revenue's holdings in Allstate were worth $5,989,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Arlington Trust Co LLC increased its position in shares of Allstate by 261.8% during the second quarter. Arlington Trust Co LLC now owns 123 shares of the insurance provider's stock worth $25,000 after acquiring an additional 89 shares during the period. Hughes Financial Services LLC purchased a new position in Allstate in the first quarter valued at $28,000. Meeder Asset Management Inc. increased its holdings in Allstate by 113.8% in the first quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock valued at $39,000 after buying an additional 99 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in Allstate in the first quarter valued at $43,000. Finally, 1 North Wealth Services LLC purchased a new position in Allstate in the first quarter valued at $51,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on ALL shares. Jefferies Financial Group increased their target price on Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a report on Monday, August 11th. William Blair started coverage on Allstate in a report on Friday, June 6th. They issued a "sector outperform" rating on the stock. Morgan Stanley increased their target price on Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a report on Friday, August 1st. UBS Group increased their target price on Allstate from $230.00 to $235.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Finally, Cantor Fitzgerald raised Allstate to a "hold" rating in a report on Wednesday, August 13th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $231.38.

Allstate Stock Performance

Shares of ALL stock opened at $212.76 on Monday. The stock's 50-day moving average is $203.12 and its two-hundred day moving average is $200.83. The firm has a market cap of $56.06 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 0.84 and a beta of 0.37. The Allstate Corporation has a 1 year low of $176.00 and a 1 year high of $214.76. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43.

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, topping 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 quarter 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. Analysts predict that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Announces Dividend

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 paid a dividend of $1.00 per share. The ex-dividend date is Friday, August 29th. This represents a $4.00 annualized dividend and a dividend yield of 1.9%. Allstate's dividend payout ratio is 18.81%.

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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