Boltwood Capital Management Lowers Stake in Allstate Corporation (The) (ALL)

Boltwood Capital Management reduced its stake in shares of Allstate Corporation (The) (NYSE:ALL) by 5.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 22,523 shares of the insurance provider’s stock after selling 1,285 shares during the period. Allstate Corporation (The) makes up approximately 1.3% of Boltwood Capital Management’s holdings, making the stock its 17th largest position. Boltwood Capital Management’s holdings in Allstate Corporation (The) were worth $1,991,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FNY Partners Fund LP purchased a new position in Allstate Corporation (The) during the first quarter valued at $122,000. Bronfman E.L. Rothschild L.P. boosted its position in Allstate Corporation (The) by 8.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,550 shares of the insurance provider’s stock valued at $126,000 after buying an additional 122 shares during the last quarter. Oakworth Capital Inc. boosted its position in Allstate Corporation (The) by 505.8% in the first quarter. Oakworth Capital Inc. now owns 1,775 shares of the insurance provider’s stock valued at $145,000 after buying an additional 1,482 shares during the last quarter. Howard Hughes Medical Institute purchased a new position in Allstate Corporation (The) during the first quarter valued at $160,000. Finally, Watermark Asset Management Inc. purchased a new position in Allstate Corporation (The) during the first quarter valued at $170,000. 77.04% of the stock is currently owned by institutional investors.

Allstate Corporation (NYSE ALL) opened at 93.95 on Friday. The firm’s 50-day moving average is $90.23 and its 200-day moving average is $84.36. Allstate Corporation has a 52-week low of $66.55 and a 52-week high of $94.70. The firm has a market cap of $33.95 billion, a price-to-earnings ratio of 13.88 and a beta of 1.10.

Allstate Corporation (The) (NYSE:ALL) last announced its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.48. The company had revenue of $8.02 billion for the quarter, compared to analyst estimates of $7.99 billion. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.62 EPS. Analysts forecast that Allstate Corporation will post $6.50 EPS for the current fiscal year.

Allstate Corporation (The) announced that its board has authorized a share buyback program on Tuesday, August 1st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 63% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, August 31st will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Tuesday, August 29th. Allstate Corporation (The)’s dividend payout ratio (DPR) is presently 21.86%.

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Several equities analysts have weighed in on the stock. Deutsche Bank AG cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $90.00 to $96.00 in a research report on Tuesday, August 8th. Barclays PLC boosted their price target on shares of Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a report on Friday. UBS AG restated a “neutral” rating and set a $94.00 price target (up from $86.00) on shares of Allstate Corporation (The) in a report on Thursday, August 3rd. BidaskClub cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $90.54.

In related news, insider Harriet K. Harty sold 7,228 shares of Allstate Corporation (The) stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $88.35, for a total transaction of $638,593.80. Following the sale, the insider now directly owns 18,260 shares of the company’s stock, valued at approximately $1,613,271. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Matthew E. Winter sold 33,957 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $84.38, for a total transaction of $2,865,291.66. The disclosure for this sale can be found here. Insiders have sold a total of 218,162 shares of company stock worth $19,450,439 over the last ninety days. 1.58% of the stock is currently owned by insiders.

About Allstate Corporation (The)

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

Institutional Ownership by Quarter for Allstate Corporation (The) (NYSE:ALL)

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