Deutsche Bank AG Sells 425,033 Shares of The Allstate Corporation (NYSE:ALL)

Key Points

• Deutsche Bank AG reduced its stake in The Allstate Corporation by 13.1%, lowering its ownership to 2,808,648 shares worth approximately $581.59 million as of the last quarter.
• In addition to Deutsche Bank, several institutional investors have recently modified their holdings, with hedge funds collectively owning 76.47% of Allstate's stock.
• The Allstate Corporation announced a quarterly dividend of $1.00 per share, which equates to an annualized dividend of $4.00 and a yield of 1.9%.

Deutsche Bank AG decreased its position in The Allstate Corporation (NYSE:ALL - Free Report) by 13.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,808,648 shares of the insurance provider's stock after selling 425,033 shares during the quarter. Deutsche Bank AG owned approximately 1.06% of Allstate worth $581,587,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Hughes Financial Services LLC purchased a new position in Allstate during the 1st quarter valued at about $28,000. Kapitalo Investimentos Ltda bought a new position in shares of Allstate during the fourth quarter valued at approximately $29,000. Meeder Asset Management Inc. lifted its holdings in shares of Allstate by 113.8% during the first quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 99 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Allstate in the 4th quarter worth approximately $40,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Allstate in the 1st quarter worth approximately $43,000. Institutional investors own 76.47% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALL. Raymond James Financial reiterated a "strong-buy" rating and set a $260.00 price objective (up previously from $250.00) on shares of Allstate in a research note on Monday. Evercore ISI lifted their price target on Allstate from $227.00 to $230.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Keefe, Bruyette & Woods upped their price target on shares of Allstate from $237.00 to $246.00 and gave the stock an "outperform" rating in a research note on Wednesday. William Blair started coverage on shares of Allstate in a research report on Friday, June 6th. They set a "sector outperform" rating on the stock. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Allstate in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Allstate has a consensus rating of "Moderate Buy" and an average price target of $230.00.

Allstate Stock Performance

Shares of NYSE ALL traded up $1.71 during midday trading on Friday, hitting $206.71. 1,189,406 shares of the stock traded hands, compared to its average volume of 1,710,767. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. The Allstate Corporation has a one year low of $169.95 and a one year high of $213.18. The firm has a market capitalization of $54.47 billion, a P/E ratio of 9.72, a PEG ratio of 0.85 and a beta of 0.35. The firm has a 50-day moving average of $198.31 and a two-hundred day moving average of $197.77.

Allstate (NYSE:ALL - Get Free Report) last posted its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. The company had revenue of $15.05 billion for the quarter, compared to the consensus estimate of $16.59 billion. Allstate had a return on equity of 28.74% and a net margin of 8.79%. Allstate's revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 earnings per share. On average, equities analysts forecast that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 29th. Allstate's payout ratio is 18.81%.

Allstate Company Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.