Assenagon Asset Management S.A. Lowers Stake in The Allstate Corporation $ALL

Key Points

• Assenagon Asset Management reduced its Allstate stake by 28% in the second quarter, selling 45,608 shares and retaining 117,466 shares valued at approximately $28.0 million. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported quarterly earnings of $8.99 per share, significantly exceeding the $6.06 consensus estimate, while revenue rose 11.8% year over year to $15.43 billion.
• The company declared a quarterly dividend of $1.08 per share, or $4.32 annualized, representing a 1.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $259.50.

Assenagon Asset Management S.A. cut its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 28.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,466 shares of the insurance provider's stock after selling 45,608 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Allstate were worth $27,950,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Allstate by 60.2% during the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock worth $1,253,000 after purchasing an additional 2,443 shares during the period. Revolve Wealth Partners LLC acquired a new stake in Allstate in the 4th quarter valued at $231,000. WINTON GROUP Ltd purchased a new position in Allstate in the second quarter valued at about $210,000. Treasurer of the State of North Carolina lifted its stake in shares of Allstate by 2.5% during the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider's stock worth $24,816,000 after purchasing an additional 3,051 shares in the last quarter. Finally, Ieq Capital LLC grew its stake in shares of Allstate by 20.1% in the second quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider's stock valued at $7,713,000 after buying an additional 6,412 shares in the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Price Performance

Shares of ALL opened at $267.02 on Monday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The firm has a market cap of $68.74 billion, a price-to-earnings ratio of 5.33, a PEG ratio of 0.45 and a beta of 0.16. The stock has a 50 day moving average of $241.52 and a 200-day moving average of $220.65.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The firm had revenue of $15.43 billion during the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm's revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.94 earnings per share. As a group, analysts forecast that The Allstate Corporation will post 31.4 EPS for the current year.

Allstate Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 annualized dividend and a dividend yield of 1.6%. Allstate's dividend payout ratio is 8.63%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ALL shares. Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Evercore set a $240.00 price objective on shares of Allstate in a research note on Friday, July 10th. HSBC downgraded shares of Allstate from a "buy" rating to a "hold" rating and lifted their price target for the stock from $244.00 to $264.00 in a research note on Monday, July 6th. UBS Group lowered shares of Allstate from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $255.00 to $261.00 in a report on Wednesday, July 15th. Finally, Roth Capital set a $300.00 price objective on shares of Allstate in a research report on Thursday. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $259.50.

Insider Activity at Allstate

In related news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at $5,959,968.66. This trade represents a 5.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director directly owned 2,225 shares in the company, valued at $451,474.75. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by corporate insiders.

About Allstate

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Allstate Corporation (NYSE:ALL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source