Oppenheimer Asset Management Inc. Cuts Holdings in The Allstate Corporation $ALL

Oppenheimer Asset Management Inc. lessened its stake in The Allstate Corporation (NYSE:ALL) by 19.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 40,483 shares of the insurance provider’s stock after selling 9,770 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Allstate were worth $8,690,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. New York Life Investment Management LLC raised its holdings in Allstate by 6.7% in the third quarter. New York Life Investment Management LLC now owns 38,380 shares of the insurance provider’s stock valued at $8,238,000 after acquiring an additional 2,420 shares in the last quarter. RFG Advisory LLC increased its position in shares of Allstate by 4.1% in the 3rd quarter. RFG Advisory LLC now owns 2,364 shares of the insurance provider’s stock valued at $508,000 after purchasing an additional 93 shares during the last quarter. Atlanta Consulting Group Advisors LLC raised its holdings in shares of Allstate by 4.4% in the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 3,762 shares of the insurance provider’s stock valued at $811,000 after purchasing an additional 157 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Allstate by 52.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,499 shares of the insurance provider’s stock worth $528,000 after purchasing an additional 857 shares during the last quarter. Finally, Alps Advisors Inc. acquired a new position in shares of Allstate during the third quarter worth $5,803,000. 76.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Allstate

In other news, insider Suren Gupta sold 19,593 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $210.00, for a total transaction of $4,114,530.00. Following the completion of the sale, the insider owned 100,646 shares in the company, valued at approximately $21,135,660. This represents a 16.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 48,400 shares of company stock valued at $10,313,256 over the last three months. 1.70% of the stock is currently owned by corporate insiders.

Allstate Trading Up 0.4%

ALL opened at $200.75 on Wednesday. The company has a quick ratio of 0.43, a current ratio of 0.37 and a debt-to-equity ratio of 0.26. The Allstate Corporation has a 52 week low of $176.00 and a 52 week high of $216.75. The business’s 50 day moving average is $203.52 and its two-hundred day moving average is $203.95. The firm has a market cap of $52.53 billion, a price-to-earnings ratio of 5.26, a price-to-earnings-growth ratio of 0.43 and a beta of 0.23.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, February 4th. The insurance provider reported $14.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.72 by $5.59. The business had revenue of $14.57 billion for the quarter, compared to analyst estimates of $17.23 billion. Allstate had a net margin of 15.19% and a return on equity of 39.20%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the firm posted $7.67 earnings per share. On average, research analysts predict that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be paid a $1.08 dividend. This is a boost from Allstate’s previous quarterly dividend of $1.00. This represents a $4.32 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, March 2nd. Allstate’s dividend payout ratio (DPR) is presently 10.47%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ALL shares. The Goldman Sachs Group restated a “buy” rating and issued a $238.00 price target on shares of Allstate in a research note on Saturday. JPMorgan Chase & Co. raised their target price on Allstate from $260.00 to $263.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. William Blair cut Allstate from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. BMO Capital Markets increased their price target on shares of Allstate from $235.00 to $244.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $215.00 price objective (down previously from $245.00) on shares of Allstate in a report on Tuesday, December 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $239.00.

Allstate Company Profile

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.