The Manufacturers Life Insurance Company increased its stake in shares of Allstate Corp (NYSE:ALL) by 3.9% in the 1st quarter, Holdings Channel reports. The firm owned 355,518 shares of the insurance provider’s stock after purchasing an additional 13,256 shares during the period. The Manufacturers Life Insurance Company’s holdings in Allstate were worth $33,483,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. grew its position in Allstate by 21.9% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,114 shares of the insurance provider’s stock worth $92,000 after acquiring an additional 200 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in Allstate by 0.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 49,884 shares of the insurance provider’s stock worth $4,120,000 after acquiring an additional 405 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Allstate by 2.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 15,309 shares of the insurance provider’s stock worth $1,265,000 after acquiring an additional 300 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Allstate by 7.0% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 58,890 shares of the insurance provider’s stock worth $4,866,000 after acquiring an additional 3,862 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Allstate by 6.9% in the fourth quarter. Victory Capital Management Inc. now owns 2,361,059 shares of the insurance provider’s stock worth $195,095,000 after acquiring an additional 153,164 shares in the last quarter. Hedge funds and other institutional investors own 77.46% of the company’s stock.

Shares of NYSE:ALL traded up $0.04 during trading hours on Wednesday, hitting $100.47. 26,842 shares of the company’s stock traded hands, compared to its average volume of 2,019,571. Allstate Corp has a 1 year low of $77.00 and a 1 year high of $102.73. The firm has a market capitalization of $33.63 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.34 and a beta of 0.81. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.29 and a quick ratio of 0.29.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $2.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.28 by $0.02. The business had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.82 billion. Allstate had a return on equity of 12.66% and a net margin of 6.26%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.96 earnings per share. Equities research analysts expect that Allstate Corp will post 8.99 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, May 31st will be issued a $0.50 dividend. The ex-dividend date is Thursday, May 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.99%. Allstate’s payout ratio is 24.78%.

ALL has been the subject of several recent research reports. Zacks Investment Research lowered Allstate from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. Wells Fargo & Co reiterated a “hold” rating and issued a $94.00 price target on shares of Allstate in a research report on Tuesday, March 12th. Credit Suisse Group lowered Allstate from an “outperform” rating to a “neutral” rating and set a $93.00 target price for the company. in a research report on Monday, April 8th. Goldman Sachs Group upgraded Allstate from a “neutral” rating to a “buy” rating and boosted their target price for the company from $106.00 to $110.00 in a research report on Wednesday, May 29th. Finally, Morgan Stanley boosted their target price on Allstate from $94.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 21st. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $102.42.

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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.

Further Reading: What is a growth and income fund?

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Institutional Ownership by Quarter for Allstate (NYSE:ALL)

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