CNB Bank Reduces Position in The Allstate Corporation (NYSE:ALL)

CNB Bank trimmed its position in The Allstate Corporation (NYSE:ALL) by 27.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,869 shares of the insurance provider’s stock after selling 1,072 shares during the quarter. CNB Bank’s holdings in Allstate were worth $594,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Bank of America Corp DE raised its stake in Allstate by 157.9% in the fourth quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider’s stock valued at $1,270,705,000 after buying an additional 4,035,629 shares in the last quarter. Norges Bank purchased a new position in shares of Allstate in the 4th quarter valued at about $344,354,000. GQG Partners LLC raised its position in shares of Allstate by 64.1% during the 4th quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider’s stock worth $832,181,000 after acquiring an additional 1,685,694 shares in the last quarter. GAMMA Investing LLC lifted its stake in Allstate by 25,026.1% during the first quarter. GAMMA Investing LLC now owns 1,273,895 shares of the insurance provider’s stock worth $263,785,000 after purchasing an additional 1,268,825 shares during the last quarter. Finally, Castle Hook Partners LP lifted its stake in Allstate by 1,303.3% during the fourth quarter. Castle Hook Partners LP now owns 824,838 shares of the insurance provider’s stock worth $159,021,000 after purchasing an additional 766,058 shares during the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Price Performance

Shares of ALL opened at $194.33 on Friday. The Allstate Corporation has a fifty-two week low of $157.50 and a fifty-two week high of $213.18. The company has a market capitalization of $51.46 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 0.99 and a beta of 0.35. The firm has a 50-day simple moving average of $200.83 and a 200-day simple moving average of $196.46. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.40 and a current ratio of 0.40.

Allstate (NYSE:ALL) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 EPS for the quarter, missing the consensus estimate of $3.98 by ($0.45). Allstate had a net margin of 6.19% and a return on equity of 24.62%. The company had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $16.41 billion. During the same period in the prior year, the company earned $5.13 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. On average, equities research analysts anticipate that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be given a $1.00 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $4.00 dividend on an annualized basis and a yield of 2.06%. Allstate’s dividend payout ratio (DPR) is 27.32%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ALL. BMO Capital Markets reiterated an “outperform” rating on shares of Allstate in a research note on Friday, May 16th. Wall Street Zen upgraded shares of Allstate from a “hold” rating to a “buy” rating in a report on Thursday, May 1st. Barclays cut their price target on shares of Allstate from $183.00 to $172.00 and set an “underweight” rating on the stock in a research note on Friday, April 11th. William Blair initiated coverage on shares of Allstate in a research report on Friday, June 6th. They issued a “sector outperform” rating for the company. Finally, Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Allstate has an average rating of “Moderate Buy” and an average target price of $225.20.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.