Cadence Bank NA Boosts Stake in Allstate Corporation (The) (NYSE:ALL)

Cadence Bank NA raised its stake in Allstate Corporation (The) (NYSE:ALL) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,671 shares of the insurance provider’s stock after buying an additional 92 shares during the period. Cadence Bank NA’s holdings in Allstate Corporation (The) were worth $1,033,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Allstate Corporation (The) by 2,743.3% in the first quarter. BlackRock Inc. now owns 26,458,327 shares of the insurance provider’s stock valued at $2,156,089,000 after buying an additional 25,527,763 shares during the last quarter. Vanguard Group Inc. boosted its stake in Allstate Corporation (The) by 3.2% in the first quarter. Vanguard Group Inc. now owns 23,637,965 shares of the insurance provider’s stock valued at $1,926,258,000 after buying an additional 733,684 shares during the period. State Street Corp boosted its stake in Allstate Corporation (The) by 3.0% in the first quarter. State Street Corp now owns 18,074,304 shares of the insurance provider’s stock valued at $1,472,962,000 after buying an additional 530,591 shares during the period. Boston Partners boosted its stake in Allstate Corporation (The) by 3.8% in the first quarter. Boston Partners now owns 9,278,481 shares of the insurance provider’s stock valued at $756,103,000 after buying an additional 341,615 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Allstate Corporation (The) by 6.1% in the first quarter. AQR Capital Management LLC now owns 6,268,589 shares of the insurance provider’s stock valued at $510,828,000 after buying an additional 363,084 shares during the period. 77.04% of the stock is currently owned by institutional investors.

Shares of Allstate Corporation (ALL) opened at 94.16 on Friday. The company has a 50 day moving average of $90.07 and a 200 day moving average of $84.22. Allstate Corporation has a 52 week low of $66.55 and a 52 week high of $94.70. The firm has a market cap of $34.03 billion, a PE ratio of 13.91 and a beta of 1.10.

Allstate Corporation (The) (NYSE:ALL) last issued its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The company had revenue of $8.02 billion during the quarter, compared to the consensus estimate of $7.99 billion. During the same period in the prior year, the company earned $0.62 EPS. Allstate Corporation (The)’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that Allstate Corporation will post $6.50 EPS for the current fiscal year.

Allstate Corporation (The) announced that its board has approved a share repurchase plan on Tuesday, August 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 63% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

The firm also recently declared 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. This represents a $1.48 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Tuesday, August 29th. Allstate Corporation (The)’s payout ratio is 21.86%.

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Several analysts have recently commented on the stock. Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a research note on Tuesday, August 1st. Macquarie cut shares of 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 research note on Tuesday, April 18th. They noted that the move was a valuation call. Morgan Stanley restated an “equal weight” rating and issued a $91.00 target price (up previously from $85.00) on shares of Allstate Corporation (The) in a research note on Thursday, July 6th. MKM Partners restated a “buy” rating and issued a $100.00 target price (up previously from $90.00) on shares of Allstate Corporation (The) in a research note on Thursday, May 4th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $88.00 target price on shares of Allstate Corporation (The) in a research note on Friday, June 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Allstate Corporation (The) has a consensus rating of “Hold” and a consensus price target of $89.38.

In other Allstate Corporation (The) news, insider Harriet K. Harty sold 7,228 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $88.35, for a total value of $638,593.80. Following the completion of the sale, the insider now directly owns 18,260 shares of the company’s stock, valued at approximately $1,613,271. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Matthew E. Winter sold 33,957 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $84.38, for a total transaction of $2,865,291.66. The disclosure for this sale can be found here. Insiders sold a total of 218,162 shares of company stock valued at $19,450,439 over the last three months. 1.58% of the stock is owned by corporate insiders.

About Allstate Corporation (The)

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.

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

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