Meyer Handelman Co. Grows Stake in The Allstate Co. (NYSE:ALL)

Meyer Handelman Co. boosted its stake in shares of The Allstate Co. (NYSE:ALL) by 3.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 172,385 shares of the insurance provider’s stock after acquiring an additional 6,460 shares during the quarter. Meyer Handelman Co. owned about 0.07% of Allstate worth $27,523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bleakley Financial Group LLC raised its position in Allstate by 19.9% in the 4th quarter. Bleakley Financial Group LLC now owns 4,990 shares of the insurance provider’s stock worth $699,000 after purchasing an additional 827 shares during the period. HBK Sorce Advisory LLC purchased a new stake in shares of Allstate in the fourth quarter worth approximately $203,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Allstate during the 4th quarter worth approximately $36,000. Sequoia Financial Advisors LLC boosted its holdings in Allstate by 61.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 9,393 shares of the insurance provider’s stock valued at $1,315,000 after acquiring an additional 3,592 shares during the period. Finally, Cerity Partners LLC grew its position in Allstate by 64.4% in the 4th quarter. Cerity Partners LLC now owns 19,459 shares of the insurance provider’s stock valued at $2,726,000 after acquiring an additional 7,626 shares during the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Stock Performance

ALL traded up $0.60 on Tuesday, reaching $171.96. The stock had a trading volume of 1,065,264 shares, compared to its average volume of 1,563,011. The business’s 50-day moving average price is $165.51 and its two-hundred day moving average price is $165.06. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.49. The Allstate Co. has a 12-month low of $104.29 and a 12-month high of $180.87. The company has a market cap of $45.38 billion, a P/E ratio of 37.96, a price-to-earnings-growth ratio of 1.86 and a beta of 0.48.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $1.61 EPS for the quarter, beating the consensus estimate of $0.33 by $1.28. The company had revenue of $15.71 billion for the quarter, compared to analyst estimates of $14.04 billion. Allstate had a return on equity of 24.05% and a net margin of 5.03%. Allstate’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the company earned ($4.42) earnings per share. Sell-side analysts forecast that The Allstate Co. will post 13.64 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, August 30th will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Friday, August 30th. Allstate’s dividend payout ratio is presently 81.24%.

Analyst Ratings Changes

ALL has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on Allstate from $199.00 to $208.00 and gave the company an “outperform” rating in a research report on Monday. The Goldman Sachs Group raised their target price on shares of Allstate from $197.00 to $199.00 and gave the company a “buy” rating in a research report on Friday, July 19th. StockNews.com cut shares of Allstate from a “strong-buy” rating to a “buy” rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Allstate from $193.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Finally, BMO Capital Markets upped their target price on Allstate from $191.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $186.29.

Insiders Place Their Bets

In other Allstate news, insider Suren Gupta sold 45,775 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $177.28, for a total transaction of $8,114,992.00. Following the completion of the sale, the insider now directly owns 89,930 shares in the company, valued at approximately $15,942,790.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.80% of the stock is currently owned by company insiders.

Allstate Company Profile

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.