Verition Fund Management LLC Trims Holdings in Allstate Corp (ALL)

Verition Fund Management LLC reduced its holdings in shares of Allstate Corp (NYSE:ALL) by 20.9% in the second quarter, Holdings Channel reports. The institutional investor owned 7,176 shares of the insurance provider’s stock after selling 1,901 shares during the period. Verition Fund Management LLC’s holdings in Allstate were worth $655,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. Atlantic Trust Group LLC increased its holdings in Allstate by 1.1% during the first quarter. Atlantic Trust Group LLC now owns 51,832 shares of the insurance provider’s stock valued at $4,913,000 after buying an additional 541 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in Allstate by 41.5% during the second quarter. Valeo Financial Advisors LLC now owns 1,859 shares of the insurance provider’s stock valued at $183,000 after buying an additional 545 shares during the last quarter. Townsend & Associates Inc increased its holdings in Allstate by 8.5% during the second quarter. Townsend & Associates Inc now owns 7,144 shares of the insurance provider’s stock valued at $652,000 after buying an additional 558 shares during the last quarter. Catawba Capital Management VA increased its holdings in Allstate by 1.5% during the second quarter. Catawba Capital Management VA now owns 39,271 shares of the insurance provider’s stock valued at $3,584,000 after buying an additional 566 shares during the last quarter. Finally, Cambria Investment Management L.P. increased its holdings in Allstate by 2.7% during the first quarter. Cambria Investment Management L.P. now owns 21,935 shares of the insurance provider’s stock valued at $2,079,000 after buying an additional 570 shares during the last quarter. 76.18% of the stock is owned by institutional investors and hedge funds.

ALL opened at $98.85 on Thursday. The company has a market capitalization of $34.55 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 1.29 and a beta of 0.92. Allstate Corp has a 1-year low of $88.29 and a 1-year high of $105.36. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.26 and a quick ratio of 0.26.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, August 1st. The insurance provider reported $1.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.45. Allstate had a net margin of 9.06% and a return on equity of 15.21%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the business posted $1.38 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. equities research analysts anticipate that Allstate Corp will post 9.31 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, August 31st will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, August 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.86%. Allstate’s dividend payout ratio is 27.42%.

In related news, insider Glenn T. Shapiro sold 21,728 shares of the company’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $98.70, for a total transaction of $2,144,553.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Susan L. Lees sold 22,189 shares of the company’s stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $99.24, for a total transaction of $2,202,036.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,432 shares of company stock valued at $5,386,208. 1.40% of the stock is owned by company insiders.

A number of equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Allstate from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a research report on Monday, August 27th. ValuEngine lowered shares of Allstate from a “hold” rating to a “sell” rating in a research report on Thursday, June 21st. B. Riley upped their price target on shares of Allstate from $88.00 to $103.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. Wells Fargo & Co reiterated a “hold” rating on shares of Allstate in a research report on Thursday, August 16th. Finally, Credit Suisse Group dropped their price target on shares of Allstate from $114.00 to $112.00 and set a “buy” rating for the company in a research report on Tuesday, August 28th. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $104.00.

Allstate Profile

The Allstate Corporation, together with its subsidiaries, engages in property and casualty insurance, and life insurance businesses in the United States and Canada. The company's Allstate Protection segment sells private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products, including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; and commercial lines products under the Allstate, Esurance, and Encompass brand names.

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Institutional Ownership by Quarter for Allstate (NYSE:ALL)

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