BI Asset Management Fondsmaeglerselskab A S Lowers Position in The Allstate Corporation $ALL

Key Points

• BI Asset Management reduced its stake in Allstate by 8.3% in the first quarter, selling 17,797 shares and ending with 196,683 shares worth about $40.8 million.
• Allstate reported strong first-quarter results, posting EPS of $10.65 versus the $7.31 estimate and revenue of $16.94 billion, both above analyst expectations.
• The company declared a quarterly dividend of $1.08 per share, equal to an annualized payout of $4.32 and a 2.0% yield, while analysts currently rate the stock a Moderate Buy with a $240.33 consensus target.

BI Asset Management Fondsmaeglerselskab A S cut its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 8.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 196,683 shares of the insurance provider's stock after selling 17,797 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.08% of Allstate worth $40,780,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MV Capital Management Inc. purchased a new position in Allstate during the fourth quarter valued at approximately $25,000. Dorato Capital Management purchased a new stake in shares of Allstate in the fourth quarter worth $27,000. Navalign LLC bought a new stake in shares of Allstate during the 4th quarter valued at $27,000. Princeton Global Asset Management LLC raised its position in shares of Allstate by 101.3% during the 4th quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 76 shares during the period. Finally, Palisade Asset Management LLC purchased a new position in shares of Allstate during the 3rd quarter valued at $31,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider owned 27,558 shares of the company's stock, valued at $5,959,968.66. The trade was a 5.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was 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. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,353 shares of company stock valued at $4,851,560 in the last quarter. 1.55% of the stock is currently owned by insiders.

Allstate Stock Down 0.2%

Shares of ALL stock opened at $220.72 on Friday. The company's fifty day simple moving average is $215.95 and its two-hundred day simple moving average is $209.23. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $227.62. The stock has a market cap of $56.82 billion, a P/E ratio of 4.87, a PEG ratio of 0.40 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.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The firm had revenue of $16.94 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same quarter last year, the business posted $3.53 earnings per share. The business's quarterly revenue was up 3.0% compared to the same quarter last year. Analysts predict that The Allstate Corporation will post 29.55 EPS for the current fiscal year.

Allstate Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, June 1st. Allstate's dividend payout ratio (DPR) is currently 9.53%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ALL shares. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $260.00 target price on shares of Allstate in a report on Tuesday, March 3rd. Barclays boosted their price objective on Allstate from $207.00 to $208.00 and gave the company an "underweight" rating in a research report on Wednesday, April 8th. Citigroup upped their price objective on Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Wall Street Zen cut Allstate from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Zacks Research downgraded Allstate from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $240.33.

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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