California Public Employees Retirement System Reduces Stock Holdings in The Allstate Corporation $ALL

Key Points

• CalPERS trimmed its Allstate stake by 9.9% in the first quarter, selling 72,194 shares and ending with 657,356 shares valued at about $136.3 million.
• Analysts remain mixed but mostly positive on Allstate, with a consensus rating of “Moderate Buy” and an average price target of $254.80 after several firms raised targets.
• Allstate reported strong quarterly results, posting EPS of $10.65 versus estimates of $7.31 and revenue of $16.94 billion, while also declaring a $1.08 quarterly dividend.

California Public Employees Retirement System reduced its position in The Allstate Corporation (NYSE:ALL - Free Report) by 9.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 657,356 shares of the insurance provider's stock after selling 72,194 shares during the quarter. California Public Employees Retirement System owned approximately 0.26% of Allstate worth $136,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in ALL. MV Capital Management Inc. purchased a new position in shares of Allstate during the 4th quarter valued at $25,000. Dorato Capital Management purchased a new stake in Allstate in the 4th quarter worth about $27,000. Navalign LLC bought a new stake in Allstate in the 4th quarter valued at about $27,000. Evolution Wealth Management Inc. raised its stake in Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 140 shares during the period. Finally, Princeton Global Asset Management LLC lifted its holdings in Allstate by 101.3% during the fourth 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 last quarter. 76.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ALL has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Allstate from $263.00 to $282.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. Morgan Stanley upped their price target on shares of Allstate from $215.00 to $240.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on shares of Allstate from $242.00 to $255.00 and gave the stock a "market perform" rating in a report on Wednesday, July 8th. UBS Group cut shares of Allstate from a "buy" rating to a "neutral" rating and boosted their target price for the company from $255.00 to $261.00 in a report on Wednesday. Finally, Cantor Fitzgerald increased their target price on Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Allstate has a consensus rating of "Moderate Buy" and a consensus target price of $254.80.

Allstate Stock Performance

NYSE ALL opened at $249.84 on Friday. The company's 50 day simple moving average is $227.29 and its two-hundred day simple moving average is $214.36. The stock has a market capitalization of $64.31 billion, a PE ratio of 5.51, a P/E/G ratio of 0.43 and a beta of 0.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $257.67.

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 (EPS) for the quarter, topping 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 company had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter last year, the business posted $3.53 earnings per share. The firm's revenue was up 3.0% compared to the same quarter last year. Analysts predict that The Allstate Corporation will post 30.4 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio is currently 9.53%.

Insider Buying and Selling at Allstate

In other Allstate news, COO Mario Rizzo sold 18,578 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $17,991,267.60. This trade represents a 18.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction dated 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 owned 2,225 shares of the company's stock, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,353 shares of company stock valued at $4,851,560 in the last 90 days. Corporate insiders own 1.55% of the company's stock.

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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