Adage Capital Partners GP L.L.C. Has $37.65 Million Stock Holdings in The Allstate Corporation $ALL

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in The Allstate Corporation by 38.9%, now holding approximately $37.65 million worth of shares.
• The Allstate Corporation reported earnings of $5.94 per share for the last quarter, significantly beating analyst expectations of $3.20.
• The company announced a quarterly dividend of $1.00, translating to an annualized yield of 2.0%, with a payout ratio of 18.81%.

Adage Capital Partners GP L.L.C. decreased its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 38.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 181,819 shares of the insurance provider's stock after selling 115,600 shares during the period. Adage Capital Partners GP L.L.C. owned 0.07% of Allstate worth $37,649,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Allstate by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 32,800,086 shares of the insurance provider's stock worth $6,791,914,000 after purchasing an additional 164,662 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Allstate by 25.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,709,610 shares of the insurance provider's stock valued at $2,424,710,000 after purchasing an additional 2,374,684 shares during the last quarter. GQG Partners LLC boosted its position in Allstate by 2.1% during the first quarter. GQG Partners LLC now owns 4,405,701 shares of the insurance provider's stock worth $912,288,000 after purchasing an additional 89,185 shares during the period. Deutsche Bank AG boosted its position in shares of Allstate by 7.2% in the fourth quarter. Deutsche Bank AG now owns 3,233,681 shares of the insurance provider's stock valued at $623,421,000 after acquiring an additional 217,468 shares during the period. Finally, Boston Partners lifted its holdings in shares of Allstate by 613.9% in the 1st quarter. Boston Partners now owns 2,482,654 shares of the insurance provider's stock worth $512,627,000 after acquiring an additional 2,134,893 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Morgan Stanley upped their price target on shares of Allstate from $235.00 to $245.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. BMO Capital Markets raised their price target on Allstate from $230.00 to $235.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 20th. William Blair initiated coverage on Allstate in a research note on Friday, June 6th. They set a "sector outperform" rating on the stock. Wells Fargo & Company set a $202.00 price target on Allstate and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $260.00 price target (up from $250.00) on shares of Allstate in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $231.21.

Allstate Stock Performance

Shares of NYSE:ALL traded down $1.12 during trading on Monday, reaching $200.41. The company had a trading volume of 1,524,618 shares, compared to its average volume of 1,699,845. 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 fifty-two week low of $176.00 and a fifty-two week high of $214.76. The firm has a market capitalization of $52.81 billion, a price-to-earnings ratio of 9.42, a price-to-earnings-growth ratio of 0.81 and a beta of 0.37. The stock's fifty day moving average price is $200.72 and its 200 day moving average price is $200.11.

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, topping analysts' consensus estimates of $3.20 by $2.74. The company had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. Allstate had a return on equity of 28.74% and a net margin of 8.79%.The business's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.61 earnings per share. As a group, equities research analysts predict that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a yield of 2.0%. 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.