Harwood Advisory Group LLC trimmed its stake in Allstate Corp (NYSE:ALL) by 8.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,005 shares of the insurance provider’s stock after selling 660 shares during the period. Harwood Advisory Group LLC’s holdings in Allstate were worth $712,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Strategy Asset Managers LLC purchased a new stake in Allstate during the 1st quarter worth approximately $25,000. Manchester Financial Inc. purchased a new stake in shares of Allstate in the 2nd quarter valued at approximately $25,000. Mcmillion Capital Management Inc. purchased a new stake in shares of Allstate in the 2nd quarter valued at approximately $35,000. Enterprise Financial Services Corp increased its position in shares of Allstate by 85.1% in the 1st quarter. Enterprise Financial Services Corp now owns 385 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 177 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC purchased a new stake in shares of Allstate in the 1st quarter valued at approximately $38,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Glenn T. Shapiro sold 22,289 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $102.22, for a total value of $2,278,381.58. Following the completion of the transaction, the insider now owns 25,584 shares in the company, valued at approximately $2,615,196.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Jesse E. Merten sold 900 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $102.27, for a total transaction of $92,043.00. Following the completion of the transaction, the executive vice president now owns 4,869 shares of the company’s stock, valued at approximately $497,952.63. The disclosure for this sale can be found here. In the last 90 days, insiders sold 126,836 shares of company stock valued at $13,071,947. Company insiders own 1.60% of the company’s stock.
Allstate (NYSE:ALL) last issued its earnings results on Tuesday, July 30th. The insurance provider reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.70. Allstate had a net margin of 6.52% and a return on equity of 12.66%. The business had revenue of $8.99 billion during the quarter, compared to analysts’ expectations of $8.96 billion. During the same quarter in the prior year, the business posted $2.00 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts expect that Allstate Corp will post 9.46 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Thursday, August 29th. Allstate’s payout ratio is 24.78%.
A number of equities research analysts have commented on the stock. Raymond James increased their price objective on shares of Allstate from $115.00 to $125.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 1st. Morgan Stanley increased their price objective on shares of Allstate from $108.00 to $110.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Credit Suisse Group downgraded shares of Allstate from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $100.00 to $94.00 in a research report on Thursday, July 11th. Goldman Sachs Group raised shares of Allstate from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $110.00 in a research report on Wednesday, May 29th. Finally, UBS Group increased their price objective on shares of Allstate from $102.00 to $106.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $108.25.
The Allstate Corporation, through its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection, Service Businesses, Allstate Life, and Allstate Benefits segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home insurance; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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