Deroy & Devereaux Private Investment Counsel Inc. raised its stake in shares of Allstate Corp (NYSE:ALL) by 1.6% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 184,841 shares of the insurance provider’s stock after buying an additional 2,976 shares during the period. Allstate comprises about 1.7% of Deroy & Devereaux Private Investment Counsel Inc.’s portfolio, making the stock its 22nd largest holding. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Allstate were worth $16,870,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 6 Meridian raised its stake in shares of Allstate by 46.4% during the 1st quarter. 6 Meridian now owns 238,859 shares of the insurance provider’s stock valued at $22,644,000 after buying an additional 75,757 shares during the last quarter. Reliance Trust Co. of Delaware raised its stake in shares of Allstate by 8.6% during the 2nd quarter. Reliance Trust Co. of Delaware now owns 7,277 shares of the insurance provider’s stock valued at $664,000 after buying an additional 575 shares during the last quarter. OppenheimerFunds Inc. raised its stake in shares of Allstate by 7.4% during the 1st quarter. OppenheimerFunds Inc. now owns 522,045 shares of the insurance provider’s stock valued at $49,490,000 after buying an additional 35,921 shares during the last quarter. Gideon Capital Advisors Inc. purchased a new position in shares of Allstate during the 1st quarter valued at about $617,000. Finally, Mount Yale Investment Advisors LLC purchased a new position in shares of Allstate during the 1st quarter valued at about $6,630,000. Institutional investors and hedge funds own 76.72% of the company’s stock.
A number of equities analysts have weighed in on ALL shares. Citigroup reduced their price objective on Allstate from $112.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 10th. Wells Fargo & Co set a $100.00 price objective on Allstate and gave the company a “hold” rating in a research note on Tuesday, May 1st. Zacks Investment Research upgraded Allstate from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Monday, May 7th. Argus raised their target price on Allstate from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, May 9th. Finally, ValuEngine cut Allstate from a “hold” rating to a “sell” rating in a research report on Thursday, June 21st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $101.43.
Allstate (NYSE:ALL) last announced its earnings results on Wednesday, August 1st. The insurance provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.45. Allstate had a net margin of 8.93% and a return on equity of 14.56%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter in the prior year, the firm earned $1.38 earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. sell-side analysts expect that Allstate Corp will post 8.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, August 31st will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.94%. Allstate’s dividend payout ratio (DPR) is 27.42%.
Allstate Company Profile
The Allstate Corporation, together with its subsidiaries, engages in property and casualty insurance, and life insurance businesses in the United States and Canada. The company's Allstate Protection segment sells private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products, including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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