Allstate Corp Trims Stock Position in United Parcel Service, Inc. $UPS

Key Points

• Allstate Corp reduced its stake in United Parcel Service, Inc. by 30% in the first quarter, now holding 15,196 shares valued at approximately $1.671 million.
• The company reported quarterly earnings of $1.55 per share, missing estimates, while revenues were down 2.7% compared to the previous year.
• United Parcel Service announced a quarterly dividend of $1.64 per share, with a current dividend yield of 7.4%, and a payout ratio of 97.62%.

Allstate Corp lowered its holdings in shares of United Parcel Service, Inc. (NYSE:UPS - Free Report) by 30.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,196 shares of the transportation company's stock after selling 6,505 shares during the quarter. Allstate Corp's holdings in United Parcel Service were worth $1,671,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in shares of United Parcel Service by 124.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,011,107 shares of the transportation company's stock valued at $991,132,000 after acquiring an additional 4,988,044 shares during the period. Pacer Advisors Inc. grew its stake in shares of United Parcel Service by 1,056.6% during the 1st quarter. Pacer Advisors Inc. now owns 4,336,175 shares of the transportation company's stock valued at $476,936,000 after acquiring an additional 3,961,255 shares during the period. Nuveen LLC bought a new position in shares of United Parcel Service during the 1st quarter valued at approximately $201,358,000. Charles Schwab Investment Management Inc. grew its stake in shares of United Parcel Service by 7.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 25,045,472 shares of the transportation company's stock valued at $2,754,751,000 after acquiring an additional 1,780,807 shares during the period. Finally, Castlekeep Investment Advisors LLC bought a new position in shares of United Parcel Service during the 4th quarter valued at approximately $145,846,000. Hedge funds and other institutional investors own 60.26% of the company's stock.

United Parcel Service Trading Up 3.0%

UPS stock opened at $88.7140 on Friday. United Parcel Service, Inc. has a 1-year low of $84.28 and a 1-year high of $145.01. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $75.19 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.63 and a beta of 1.12. The business has a 50 day simple moving average of $95.89 and a two-hundred day simple moving average of $101.93.

United Parcel Service (NYSE:UPS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The transportation company reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.56 by ($0.01). The business had revenue of $21.20 billion during the quarter, compared to the consensus estimate of $20.90 billion. United Parcel Service had a return on equity of 39.61% and a net margin of 6.34%.The company's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.79 earnings per share. Research analysts anticipate that United Parcel Service, Inc. will post 7.95 EPS for the current fiscal year.

United Parcel Service Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Monday, August 18th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date is Monday, August 18th. United Parcel Service's dividend payout ratio is currently 97.62%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Wells Fargo & Company cut their price objective on United Parcel Service from $98.00 to $91.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 30th. Galvan Research cut their price objective on United Parcel Service from $126.00 to $124.00 and set a "buy" rating for the company in a research note on Monday, June 30th. TD Cowen cut their price objective on United Parcel Service from $117.00 to $107.00 in a research note on Wednesday, April 30th. Jefferies Financial Group cut their price objective on United Parcel Service from $150.00 to $130.00 in a research note on Wednesday, April 30th. Finally, Argus dropped their price target on United Parcel Service from $150.00 to $120.00 in a research note on Friday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, United Parcel Service has an average rating of "Hold" and an average price target of $112.81.

Insider Buying and Selling

In other news, CEO Carol B. Tome bought 11,682 shares of the stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $85.67 per share, for a total transaction of $1,000,796.94. Following the transaction, the chief executive officer owned 24,718 shares of the company's stock, valued at $2,117,591.06. The trade was a 89.61% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William R. Johnson bought 5,000 shares of the stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $86.50 per share, with a total value of $432,500.00. Following the completion of the transaction, the director directly owned 10,160 shares in the company, valued at approximately $878,840. The trade was a 96.90% increase in their position. The disclosure for this purchase can be found here. 0.13% of the stock is currently owned by corporate insiders.

About United Parcel Service

United Parcel Service, Inc, a package delivery company, provides transportation and delivery, distribution, contract logistics, ocean freight, airfreight, customs brokerage, and insurance services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery of express letters, documents, small packages, and palletized freight through air and ground services in the United States.

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