State of New Jersey Common Pension Fund D Reduces Stock Position in The Allstate Corporation (NYSE:ALL)

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in The Allstate Corporation by 7.7% during the 1st quarter, now holding 89,357 shares worth approximately $18.5 million.
• Several large investors, including Rehmann Capital and Vantage Point Financial, increased their positions in Allstate, indicating mixed investor sentiment.
• Analysts have set a consensus target price of $229.33 for Allstate, with a majority rating it as a "Moderate Buy."

State of New Jersey Common Pension Fund D lessened its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 7.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 89,357 shares of the insurance provider's stock after selling 7,431 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Allstate were worth $18,503,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Rehmann Capital Advisory Group grew its stake in Allstate by 3.2% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,630 shares of the insurance provider's stock valued at $338,000 after purchasing an additional 51 shares during the last quarter. Vantage Point Financial LLC grew its stake in Allstate by 3.6% during the 1st quarter. Vantage Point Financial LLC now owns 1,495 shares of the insurance provider's stock valued at $310,000 after purchasing an additional 52 shares during the last quarter. Confluence Wealth Services Inc. boosted its stake in shares of Allstate by 0.7% in the first quarter. Confluence Wealth Services Inc. now owns 8,000 shares of the insurance provider's stock worth $1,558,000 after buying an additional 54 shares during the last quarter. Linscomb Wealth Inc. boosted its stake in shares of Allstate by 1.3% in the first quarter. Linscomb Wealth Inc. now owns 4,079 shares of the insurance provider's stock worth $845,000 after buying an additional 54 shares during the last quarter. Finally, Achmea Investment Management B.V. boosted its stake in shares of Allstate by 0.3% in the first quarter. Achmea Investment Management B.V. now owns 20,586 shares of the insurance provider's stock worth $4,262,000 after buying an additional 57 shares during 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 analysts have recently commented on the company. William Blair assumed coverage on Allstate in a research note on Friday, June 6th. They issued a "sector outperform" rating on the stock. Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research note on Tuesday, August 5th. Cantor Fitzgerald upgraded Allstate to a "hold" rating in a research note on Wednesday. Jefferies Financial Group upped their target price on Allstate from $254.00 to $255.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Citigroup upgraded Allstate to a "hold" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $229.33.

Allstate Price Performance

Shares of Allstate stock opened at $206.76 on Friday. The business has a 50 day simple moving average of $198.15 and a two-hundred day simple moving average of $198.44. The Allstate Corporation has a 12 month low of $176.00 and a 12 month high of $213.18. The stock has a market capitalization of $54.48 billion, a P/E ratio of 9.72, a PEG ratio of 0.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick 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 EPS for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. Allstate had a return on equity of 28.74% and a net margin of 8.79%. The business had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. During the same quarter in the prior year, the firm earned $1.61 earnings per share. The business's revenue was up 5.8% compared to the same quarter last year. As a group, analysts predict that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. Allstate's dividend 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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