Allstate Corporation (The) (ALL) Short Interest Up 47.5% in September

Allstate Corporation (The) (NYSE:ALL) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 4,070,148 shares, a growth of 47.5% from the August 31st total of 2,758,839 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily volume of 3,227,443 shares, the days-to-cover ratio is currently 1.3 days.

Allstate Corporation (NYSE:ALL) opened at 93.19 on Friday. The firm has a 50 day moving average price of $91.07 and a 200-day moving average price of $87.52. Allstate Corporation has a 12 month low of $66.55 and a 12 month high of $95.25. The firm has a market capitalization of $33.68 billion, a price-to-earnings ratio of 13.77 and a beta of 1.08.

Allstate Corporation (The) (NYSE:ALL) last released its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.48. The firm had revenue of $8.02 billion for the quarter, compared to analyst estimates of $7.99 billion. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 EPS. On average, equities analysts forecast that Allstate Corporation will post $5.93 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Tuesday, August 29th. Allstate Corporation (The)’s dividend payout ratio (DPR) is currently 21.86%.

Allstate Corporation (The) announced that its board has initiated a share buyback plan on Tuesday, August 1st that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Several research firms recently commented on ALL. Citigroup Inc. reduced their price target on Allstate Corporation (The) from $107.00 to $106.00 and set a “buy” rating on the stock in a research report on Monday. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research report on Saturday, June 24th. BidaskClub lowered Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Deutsche Bank AG lowered Allstate Corporation (The) from a “buy” rating to a “hold” rating and boosted their price target for the stock from $90.00 to $96.00 in a research report on Tuesday, August 8th. Finally, UBS AG reduced their price target on Allstate Corporation (The) from $94.00 to $93.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $90.50.

In other news, President Matthew E. Winter sold 48,058 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.54, for a total transaction of $4,255,055.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Susan L. Lees sold 12,288 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $94.09, for a total value of $1,156,177.92. Following the sale, the executive vice president now owns 73,511 shares of the company’s stock, valued at approximately $6,916,649.99. The disclosure for this sale can be found here. Insiders have sold a total of 143,602 shares of company stock valued at $13,272,624 in the last quarter. Company insiders own 1.58% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Allstate Corporation (The) by 1.5% in the 2nd quarter. BlackRock Inc. now owns 26,847,576 shares of the insurance provider’s stock valued at $2,374,397,000 after buying an additional 389,249 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Allstate Corporation (The) by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 24,213,610 shares of the insurance provider’s stock worth $2,141,452,000 after acquiring an additional 575,645 shares during the period. State Street Corp lifted its position in shares of Allstate Corporation (The) by 3.0% in the 1st quarter. State Street Corp now owns 18,074,304 shares of the insurance provider’s stock worth $1,472,962,000 after acquiring an additional 530,591 shares during the period. Northern Trust Corp lifted its position in shares of Allstate Corporation (The) by 18.8% in the 2nd quarter. Northern Trust Corp now owns 7,202,273 shares of the insurance provider’s stock worth $636,969,000 after acquiring an additional 1,141,782 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of Allstate Corporation (The) by 6.1% in the 1st quarter. AQR Capital Management LLC now owns 6,268,589 shares of the insurance provider’s stock worth $510,828,000 after acquiring an additional 363,084 shares during the period. 76.13% of the stock is currently owned by hedge funds and other institutional investors.

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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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