Acadian Asset Management LLC Sells 516,664 Shares of The Allstate Corporation $ALL

Key Points

• Acadian Asset Management LLC significantly decreased its stake in The Allstate Corporation by 95.6%, selling 516,664 shares and leaving them with 23,542 shares valued at approximately $4.87 million.
• Other institutional investors are increasing their positions, with Brighton Jones LLC growing its stake by 60.2%, and new investments made by Revolve Wealth Partners LLC and Quadcap Wealth Management LLC.
• The Allstate Corporation reported a substantial earnings per share (EPS) of $5.94, beating analysts' estimates by $2.74, despite revenue being slightly below expectations at $15.05 billion.

Acadian Asset Management LLC trimmed its position in The Allstate Corporation (NYSE:ALL - Free Report) by 95.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,542 shares of the insurance provider's stock after selling 516,664 shares during the period. Acadian Asset Management LLC's holdings in Allstate were worth $4,872,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its holdings in shares of Allstate by 27.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,410 shares of the insurance provider's stock valued at $499,000 after purchasing an additional 514 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Allstate by 33.0% during the 1st quarter. Focus Partners Wealth now owns 80,266 shares of the insurance provider's stock worth $16,622,000 after buying an additional 19,895 shares during the last quarter. Integrity Alliance LLC. acquired a new position in shares of Allstate during the 1st quarter worth about $1,205,000. Ransom Advisory Ltd acquired a new position in shares of Allstate during the 1st quarter worth about $77,000. Finally, Glenview Trust co boosted its stake in shares of Allstate by 2.6% during the 1st quarter. Glenview Trust co now owns 143,072 shares of the insurance provider's stock worth $29,626,000 after buying an additional 3,668 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on ALL shares. Raymond James Financial restated a "strong-buy" rating and set a $260.00 price objective (up from $250.00) on shares of Allstate in a research note on Monday, August 4th. Wells Fargo & Company set a $202.00 price objective on shares of Allstate and gave the stock an "equal weight" rating in a research note on Tuesday, August 5th. Wolfe Research began coverage on shares of Allstate in a research note on Monday. They set an "outperform" rating and a $235.00 price objective for the company. Morgan Stanley raised their target price on shares of Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Jefferies Financial Group raised their target price on shares of Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Allstate currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.47.

Allstate Stock Performance

Allstate stock traded down $0.62 during trading hours on Tuesday, hitting $196.27. The company had a trading volume of 1,489,172 shares, compared to its average volume of 1,689,043. The firm has a market cap of $51.72 billion, a PE ratio of 9.23, a PEG ratio of 0.80 and a beta of 0.37. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The Allstate Corporation has a one year low of $176.00 and a one year high of $214.76. The firm has a 50-day moving average of $201.04 and a 200 day moving average of $200.48.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $2.74. The firm had revenue of $15.05 billion for the quarter, compared to analysts' expectations of $16.59 billion. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The business's revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.61 EPS. On average, sell-side analysts expect that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 29th. Allstate's dividend payout ratio is currently 18.81%.

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.