Allstate Corp. (ALL) Hits New 1-Year High After Dividend Announcement
Shares of Allstate Corp. (NYSE:ALL) hit a new 52-week high during trading on Monday after the company announced a dividend. The stock traded as high as $72.22 and last traded at $72.24, with a volume of 1,583,523 shares trading hands. The stock had previously closed at $72.02.
The newly announced dividend which will be paid on Tuesday, January 3rd. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, November 28th. Allstate Corp.’s payout ratio is 35.68%.
Several research analysts have recently weighed in on the stock. William Blair restated an “underperform” rating on shares of Allstate Corp. in a research report on Saturday, September 10th. Zacks Investment Research downgraded shares of Allstate Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, October 25th. Credit Suisse Group AG set a $73.00 price objective on shares of Allstate Corp. and gave the company a “buy” rating in a research report on Tuesday, August 23rd. Argus restated a “buy” rating and set a $76.00 price objective on shares of Allstate Corp. in a research report on Friday, September 2nd. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Allstate Corp. in a research report on Thursday, November 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $72.27.
The company’s 50 day moving average is $68.55 and its 200-day moving average is $68.29. The firm has a market cap of $26.57 billion, a price-to-earnings ratio of 19.541 and a beta of 0.96.
Allstate Corp. (NYSE:ALL) last announced its earnings results on Wednesday, November 2nd. The company reported $1.26 earnings per share for the quarter, meeting the consensus estimate of $1.26. Allstate Corp. had a net margin of 4.25% and a return on equity of 9.16%. The firm earned $7.87 billion during the quarter, compared to the consensus estimate of $8.35 billion. During the same quarter in the previous year, the company posted $1.52 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts predict that Allstate Corp. will post $4.29 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Raymond James Trust N.A. boosted its position in Allstate Corp. by 14.3% in the second quarter. Raymond James Trust N.A. now owns 84,239 shares of the company’s stock worth $5,892,000 after buying an additional 10,542 shares in the last quarter. Integrated Investment Consultants LLC boosted its position in Allstate Corp. by 9.2% in the second quarter. Integrated Investment Consultants LLC now owns 2,483 shares of the company’s stock worth $174,000 after buying an additional 209 shares in the last quarter. Boltwood Capital Management boosted its position in Allstate Corp. by 1.1% in the second quarter. Boltwood Capital Management now owns 24,008 shares of the company’s stock worth $1,679,000 after buying an additional 250 shares in the last quarter. BlueMountain Capital Management LLC bought a new position in Allstate Corp. during the first quarter worth $668,000. Finally, Kovitz Investment Group Partners LLC bought a new position in Allstate Corp. during the first quarter worth $2,407,000. 77.04% of the stock is owned by hedge funds and other institutional investors.
About Allstate Corp.
The Allstate Corporation is a holding company for Allstate Insurance Company. The Company and its subsidiaries, including Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries (collectively, Allstate) are engaged in the property-liability insurance and life insurance business.
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