Kornitzer Capital Management Inc. KS Lowers Position in The Allstate Corporation $ALL

Kornitzer Capital Management Inc. KS trimmed its position in shares of The Allstate Corporation (NYSE:ALL) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 226,168 shares of the insurance provider’s stock after selling 3,903 shares during the quarter. Allstate makes up approximately 1.0% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 24th largest position. Kornitzer Capital Management Inc. KS owned 0.09% of Allstate worth $48,547,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. boosted its position in shares of Allstate by 79.7% during the third quarter. Harbor Capital Advisors Inc. now owns 124 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. Barnes Dennig Private Wealth Management LLC lifted its position in Allstate by 112.3% during the third quarter. Barnes Dennig Private Wealth Management LLC now owns 138 shares of the insurance provider’s stock valued at $30,000 after buying an additional 73 shares during the period. Clearstead Trust LLC boosted its holdings in shares of Allstate by 3,800.0% during the 2nd quarter. Clearstead Trust LLC now owns 156 shares of the insurance provider’s stock valued at $31,000 after buying an additional 152 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Allstate by 315.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 166 shares of the insurance provider’s stock worth $33,000 after buying an additional 126 shares during the period. Finally, Hilltop National Bank purchased a new position in Allstate during the 2nd quarter valued at about $34,000. Institutional investors own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ALL shares. Zacks Research lowered shares of Allstate from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Wells Fargo & Company raised their price objective on Allstate from $216.00 to $223.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Evercore ISI set a $225.00 price objective on Allstate in a research note on Wednesday, January 7th. The Goldman Sachs Group set a $227.00 target price on Allstate in a research note on Wednesday, January 7th. Finally, TD Cowen lowered Allstate from a “buy” rating to a “hold” rating in a research report on Monday, January 12th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Allstate presently has an average rating of “Moderate Buy” and an average target price of $236.19.

Insider Activity

In related news, insider Suren Gupta sold 21,871 shares of Allstate stock in a transaction on Friday, November 21st. The stock was sold at an average price of $215.21, for a total value of $4,706,857.91. Following the completion of the sale, the insider owned 100,646 shares of the company’s stock, valued at $21,660,025.66. The trade was a 17.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders sold 48,400 shares of company stock valued at $10,313,256. Company insiders own 1.70% of the company’s stock.

Allstate Price Performance

Shares of NYSE:ALL opened at $196.08 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market cap of $51.31 billion, a price-to-earnings ratio of 6.35, a price-to-earnings-growth ratio of 0.42 and a beta of 0.24. The business has a 50-day simple moving average of $205.70 and a two-hundred day simple moving average of $203.39. The Allstate Corporation has a fifty-two week low of $176.00 and a fifty-two week high of $215.89.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, November 5th. The insurance provider reported $11.17 EPS for the quarter, topping analysts’ consensus estimates of $5.48 by $5.69. The firm had revenue of $17.26 billion during the quarter, compared to analyst estimates of $16.59 billion. Allstate had a net margin of 12.53% and a return on equity of 35.42%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $3.91 earnings per share. On average, analysts expect that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 1st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, December 1st. Allstate’s dividend payout ratio is presently 12.95%.

About Allstate

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.