Commerzbank Aktiengesellschaft FI Has $440,000 Stock Holdings in The Allstate Corporation $ALL

Key Points

• Commerzbank Aktiengesellschaft FI sharply cut its Allstate stake in the first quarter, reducing holdings by 77.5% to 2,120 shares worth about $440,000.
• Allstate posted strong quarterly results, reporting EPS of $10.65 versus estimates of $7.31 and revenue of $16.94 billion, both above analyst expectations.
• The company also announced a quarterly dividend of $1.08 per share, payable October 1, which annualizes to $4.32 and implies a 1.7% yield.

Commerzbank Aktiengesellschaft FI decreased its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 77.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,120 shares of the insurance provider's stock after selling 7,289 shares during the period. Commerzbank Aktiengesellschaft FI's holdings in Allstate were worth $440,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ALL. Earned Wealth Advisors LLC increased its position in Allstate by 3.5% in the 1st quarter. Earned Wealth Advisors LLC now owns 1,607 shares of the insurance provider's stock valued at $333,000 after acquiring an additional 55 shares in the last quarter. Commonwealth Financial Services LLC lifted its position in shares of Allstate by 18.7% during the first quarter. Commonwealth Financial Services LLC now owns 1,572 shares of the insurance provider's stock worth $326,000 after purchasing an additional 248 shares in the last quarter. Carl P. Sherr & Co. LLC bought a new stake in shares of Allstate during the first quarter valued at approximately $207,000. Meeder Asset Management Inc. grew its stake in shares of Allstate by 82,091.2% during the first quarter. Meeder Asset Management Inc. now owns 55,890 shares of the insurance provider's stock valued at $11,588,000 after purchasing an additional 55,822 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Allstate by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider's stock valued at $581,515,000 after purchasing an additional 154,259 shares in the last quarter. Institutional investors own 76.47% of the company's stock.

Insider Activity at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the transaction, the insider 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the business'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 transaction, the chief operating officer owned 82,227 shares of the company's stock, valued at $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 22,353 shares of company stock worth $4,851,560. 1.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ALL has been the topic of several research reports. Mizuho upped their price objective on Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Barclays lifted their target price on Allstate from $203.00 to $213.00 and gave the company an "underweight" rating in a research note on Tuesday, July 7th. Zacks Research downgraded Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Raymond James Financial upped their price target on Allstate from $260.00 to $300.00 and gave the company a "strong-buy" rating in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research report on Monday. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $254.80.

Allstate Trading Up 0.1%

Shares of NYSE ALL opened at $252.10 on Thursday. The Allstate Corporation has a fifty-two week low of $188.08 and a fifty-two week high of $257.67. The firm has a market capitalization of $64.90 billion, a P/E ratio of 5.56, 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 company's 50 day simple moving average is $229.54 and its 200 day simple moving average is $215.33.

Allstate (NYSE:ALL - Get Free Report) last released its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, topping analysts' consensus estimates of $7.31 by $3.34. The firm had revenue of $16.94 billion during the quarter, compared to analyst estimates of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.53 EPS. On average, analysts predict that The Allstate Corporation will post 30.51 EPS for the current year.

Allstate Announces Dividend

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

Allstate 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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