Conning Inc. Reduces Stock Position in The Allstate Corporation $ALL

Conning Inc. lowered its stake in The Allstate Corporation (NYSE:ALL) by 3.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,736 shares of the insurance provider’s stock after selling 64 shares during the period. Conning Inc.’s holdings in Allstate were worth $349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its stake in shares of Allstate by 30.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider’s stock worth $2,352,000 after buying an additional 2,643 shares during the last quarter. Atlas Capital Advisors Inc. boosted its position in Allstate by 197.3% in the first quarter. Atlas Capital Advisors Inc. now owns 6,712 shares of the insurance provider’s stock worth $1,390,000 after purchasing an additional 4,454 shares during the last quarter. Richard Bernstein Advisors LLC purchased a new position in Allstate in the first quarter worth about $3,341,000. Dock Street Asset Management Inc. purchased a new position in Allstate in the first quarter worth about $207,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Allstate in the first quarter worth approximately $22,405,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Price Performance

Shares of Allstate stock opened at $205.59 on Friday. The stock’s 50-day simple moving average is $206.06 and its 200-day simple moving average is $201.07. The Allstate Corporation has a 52 week low of $176.00 and a 52 week high of $215.70. The company has a market capitalization of $54.18 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 0.79 and a beta of 0.38. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $16.59 billion. During the same period in the previous year, the business earned $1.61 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. As a group, analysts expect that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, August 29th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 29th. Allstate’s payout ratio is 18.81%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Morgan Stanley raised their price objective on shares of Allstate from $235.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Wall Street Zen upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Tuesday, August 5th. Wolfe Research upgraded Allstate to a “strong-buy” rating in a research report on Tuesday, September 16th. Barclays reiterated an “underweight” rating and set a $198.00 target price (up from $188.00) on shares of Allstate in a research report on Thursday, July 31st. Finally, Jefferies Financial Group lifted their price objective on Allstate from $254.00 to $255.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Allstate has an average rating of “Moderate Buy” and an average price target of $234.50.

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.