Bridgeway Capital Management Inc. trimmed its holdings in shares of Allstate Corp (NYSE:ALL) by 9.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 336,092 shares of the insurance provider’s stock after selling 36,800 shares during the period. Allstate accounts for about 0.7% of Bridgeway Capital Management Inc.’s holdings, making the stock its 28th biggest holding. Bridgeway Capital Management Inc. owned approximately 0.11% of Allstate worth $32,598,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Keebeck Wealth Management LLC purchased a new stake in Allstate during the 2nd quarter worth $31,000. Hoover Financial Advisors Inc. purchased a new stake in Allstate during the 2nd quarter worth $32,000. Beese Fulmer Investment Management Inc. purchased a new stake in Allstate during the 2nd quarter worth $39,000. Royal Fund Management LLC purchased a new stake in Allstate during the 1st quarter worth $38,000. Finally, Cordasco Financial Network boosted its position in Allstate by 794.1% during the 2nd quarter. Cordasco Financial Network now owns 456 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 405 shares during the period. 76.26% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the stock. Bank of America assumed coverage on shares of Allstate in a research report on Monday, June 1st. They issued a “buy” rating for the company. Zacks Investment Research raised shares of Allstate from a “hold” rating to a “strong-buy” rating and set a $111.00 price objective for the company in a research report on Friday, August 14th. Wells Fargo & Company reissued a “hold” rating on shares of Allstate in a research report on Tuesday, May 26th. Morgan Stanley decreased their price objective on shares of Allstate from $109.00 to $104.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Finally, Credit Suisse Group reissued a “hold” rating on shares of Allstate in a research report on Thursday, July 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $114.54.
Allstate (NYSE:ALL) last issued its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.46 EPS for the quarter, topping the consensus estimate of $1.41 by $1.05. Allstate had a net margin of 10.28% and a return on equity of 17.25%. The business had revenue of $9.22 billion for the quarter, compared to analysts’ expectations of $9.37 billion. During the same quarter last year, the company posted $2.18 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that Allstate Corp will post 12.9 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, August 28th will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, August 27th. This represents a $2.16 annualized dividend and a yield of 2.28%. Allstate’s dividend payout ratio (DPR) is 20.71%.
Allstate Company Profile
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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