Assenagon Asset Management S.A. Purchases 154,618 Shares of The Allstate Corporation $ALL

Key Points

• Assenagon Asset Management significantly increased its stake in Allstate during the first quarter, buying 154,618 additional shares and lifting its position by 1,828.5% to 163,074 shares worth about $33.8 million.
• Allstate reported strong first-quarter earnings, posting $10.65 per share versus the $7.31 estimate, along with revenue of $16.94 billion that also topped expectations.
• The company recently announced a quarterly dividend of $1.08 per share, and the stock is trading near its 52-week high after rising 3.5% to $239.77.

Assenagon Asset Management S.A. lifted its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 1,828.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 163,074 shares of the insurance provider's stock after purchasing an additional 154,618 shares during the period. Assenagon Asset Management S.A. owned 0.06% of Allstate worth $33,812,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ALL. South Plains Financial Inc. increased its position in Allstate by 41.5% during the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider's stock worth $36,000 after buying an additional 49 shares during the last quarter. Coldstream Capital Management Inc. lifted its position in shares of Allstate by 0.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider's stock valued at $1,625,000 after buying an additional 50 shares during the last quarter. Compound Planning Inc. boosted its stake in shares of Allstate by 1.6% during the 4th quarter. Compound Planning Inc. now owns 3,216 shares of the insurance provider's stock worth $669,000 after acquiring an additional 50 shares during the period. Humankind Investments LLC boosted its stake in shares of Allstate by 4.5% during the 3rd quarter. Humankind Investments LLC now owns 1,191 shares of the insurance provider's stock worth $256,000 after acquiring an additional 51 shares during the period. Finally, Cullen Frost Bankers Inc. increased its holdings in shares of Allstate by 0.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider's stock worth $1,210,000 after acquiring an additional 52 shares during the last quarter. 76.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ALL has been the topic of a number of research analyst reports. Mizuho dropped their price target on Allstate from $281.00 to $265.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Weiss Ratings reiterated a "buy (a-)" rating on shares of Allstate in a report on Thursday, June 18th. Wells Fargo & Company upped their price objective on shares of Allstate from $229.00 to $243.00 and gave the company an "equal weight" rating in a report on Wednesday, May 6th. Citigroup raised their target price on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Finally, Barclays lifted their target price on shares of Allstate from $207.00 to $208.00 and gave the stock an "underweight" rating in a report on Wednesday, April 8th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $240.33.

Insider Transactions at Allstate

In related news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction on Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the sale, the chief operating officer owned 82,227 shares in the company, valued at $17,991,267.60. This trade represents a 18.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,353 shares of company stock worth $4,851,560 in the last 90 days. Insiders own 1.55% of the company's stock.

Allstate Stock Up 3.5%

Shares of NYSE:ALL opened at $239.77 on Friday. The business's 50 day moving average is $217.68 and its 200 day moving average is $210.10. The stock has a market cap of $61.72 billion, a price-to-earnings ratio of 5.29, a PEG ratio of 0.41 and a beta of 0.18. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 12-month low of $188.08 and a 12-month high of $240.16.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business had revenue of $16.94 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same period in the previous year, the company earned $3.53 earnings per share. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. On average, sell-side analysts forecast that The Allstate Corporation will post 29.75 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, June 1st. Allstate's payout ratio is presently 9.53%.

Allstate Company Profile

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.

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