Bessemer Group Inc. Buys 19,933 Shares of Allstate Corporation (The) (ALL)

Bessemer Group Inc. increased its position in Allstate Corporation (The) (NYSE:ALL) by 106.0% during the second quarter, Holdings Channel reports. The institutional investor owned 38,733 shares of the insurance provider’s stock after buying an additional 19,933 shares during the period. Bessemer Group Inc.’s holdings in Allstate Corporation (The) were worth $3,426,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ALL. Norges Bank bought a new position in shares of Allstate Corporation (The) during the fourth quarter worth approximately $19,212,000. Highbridge Capital Management LLC bought a new position in shares of Allstate Corporation (The) during the fourth quarter worth approximately $405,000. Creative Planning boosted its position in shares of Allstate Corporation (The) by 9.2% in the first quarter. Creative Planning now owns 29,037 shares of the insurance provider’s stock worth $2,366,000 after buying an additional 2,444 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Allstate Corporation (The) by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 116,980 shares of the insurance provider’s stock worth $9,532,000 after buying an additional 1,300 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Allstate Corporation (The) by 19.6% in the first quarter. Bank of Montreal Can now owns 3,989,729 shares of the insurance provider’s stock worth $325,124,000 after buying an additional 652,541 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors.

Shares of Allstate Corporation (NYSE ALL) opened at 94.70 on Thursday. The company has a market capitalization of $34.22 billion, a PE ratio of 13.99 and a beta of 1.10. The stock has a 50 day moving average price of $89.93 and a 200 day moving average price of $84.15. Allstate Corporation has a one year low of $66.55 and a one year high of $94.70.

Allstate Corporation (The) (NYSE:ALL) last released its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.48. The company had revenue of $8.02 billion during the quarter, compared to the consensus estimate of $7.99 billion. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. Allstate Corporation (The)’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, equities research analysts predict that Allstate Corporation will post $6.46 earnings per share for the current year.

Allstate Corporation (The) announced that its board has authorized a stock repurchase plan on Tuesday, August 1st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.48 dividend on an annualized basis and a yield of 1.56%. Allstate Corporation (The)’s payout ratio is 21.86%.

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A number of equities analysts recently commented on ALL shares. Macquarie cut Allstate Corporation (The) from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $78.00 to $81.00 in a report on Tuesday, April 18th. They noted that the move was a valuation call. Zacks Investment Research cut Allstate Corporation (The) from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a report on Wednesday, May 3rd. MKM Partners reissued a “buy” rating and set a $100.00 price target (up from $90.00) on shares of Allstate Corporation (The) in a report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $88.00 price target on shares of Allstate Corporation (The) in a report on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $89.38.

In other news, CFO Steven E. Shebik sold 35,197 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $94.28, for a total value of $3,318,373.16. Following the completion of the sale, the chief financial officer now owns 127,560 shares of the company’s stock, valued at approximately $12,026,356.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Matthew E. Winter sold 48,058 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $88.81, for a total transaction of $4,268,030.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,162 shares of company stock valued at $19,450,439. 1.58% of the stock is owned by insiders.

Allstate Corporation (The) Company Profile

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allstate Corporation (The) (NYSE:ALL).

Institutional Ownership by Quarter for Allstate Corporation (The) (NYSE:ALL)

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