First Allied Advisory Services Inc. grew its stake in shares of Allstate Corp (NYSE:ALL) by 17.3% in the first quarter, HoldingsChannel.com reports. The fund owned 5,961 shares of the insurance provider’s stock after acquiring an additional 879 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Allstate were worth $557,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Allstate by 44.0% in the third quarter. JPMorgan Chase & Co. now owns 1,837,117 shares of the insurance provider’s stock worth $181,324,000 after acquiring an additional 561,747 shares during the last quarter. Morgan Stanley boosted its position in shares of Allstate by 45.5% in the third quarter. Morgan Stanley now owns 1,415,426 shares of the insurance provider’s stock worth $139,702,000 after acquiring an additional 442,676 shares during the last quarter. BKD Wealth Advisors LLC boosted its position in shares of Allstate by 7.1% in the fourth quarter. BKD Wealth Advisors LLC now owns 2,718 shares of the insurance provider’s stock worth $225,000 after acquiring an additional 181 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Allstate in the fourth quarter worth approximately $471,000. Finally, Bank of Montreal Can boosted its position in shares of Allstate by 65.3% in the fourth quarter. Bank of Montreal Can now owns 2,957,927 shares of the insurance provider’s stock worth $244,414,000 after acquiring an additional 1,168,707 shares during the last quarter. Hedge funds and other institutional investors own 80.27% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their target price on shares of Allstate from $94.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Tuesday. UBS Group raised their target price on shares of Allstate from $102.00 to $106.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Credit Suisse Group cut shares of Allstate from an “outperform” rating to a “neutral” rating and set a $93.00 target price on the stock. in a research report on Monday, April 8th. Zacks Investment Research cut shares of Allstate from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $94.00 target price on shares of Allstate in a research report on Tuesday, March 12th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $101.73.
Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $2.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.02. The firm had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Allstate had a net margin of 6.26% and a return on equity of 12.66%. Allstate’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.96 earnings per share. As a group, equities research analysts anticipate that Allstate Corp will post 9 earnings per share for the current fiscal year.
The Allstate Corporation, through its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection, Service Businesses, Allstate Life, and Allstate Benefits segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home insurance; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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