Deutsche Bank AG Decreases Stock Holdings in The Allstate Corporation $ALL

Key Points

• Deutsche Bank AG reduced its Allstate stake by 5.2% in the fourth quarter, selling 162,738 shares and leaving it with 2,938,258 shares valued at about $611.6 million.
• Other institutional investors were active in Allstate as well, with firms like Norges Bank and Franklin Resources increasing or initiating large positions; overall, hedge funds and other institutions own 76.47% of the stock.
• Allstate reported strong quarterly earnings, posting $10.65 per share versus $7.31 expected and revenue of $16.94 billion, while also declaring a quarterly dividend of $1.08 per share.

Deutsche Bank AG trimmed its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 5.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,938,258 shares of the insurance provider's stock after selling 162,738 shares during the period. Deutsche Bank AG owned approximately 1.12% of Allstate worth $611,598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ALL. Norges Bank purchased a new position in shares of Allstate during the fourth quarter valued at approximately $531,294,000. Franklin Resources Inc. grew its position in Allstate by 29.2% during the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock valued at $1,042,321,000 after buying an additional 1,131,172 shares during the period. Robeco Institutional Asset Management B.V. grew its position in Allstate by 1,766.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider's stock valued at $180,911,000 after buying an additional 822,583 shares during the period. Woodline Partners LP bought a new stake in Allstate during the third quarter valued at approximately $148,641,000. Finally, AustralianSuper Pty Ltd grew its position in Allstate by 80.6% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,220,984 shares of the insurance provider's stock valued at $254,148,000 after buying an additional 544,874 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction on 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 in the company, valued at approximately $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of the business's 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 completion of the sale, the insider owned 27,558 shares in the company, valued at $5,959,968.66. This represents a 5.32% decrease in their position. 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.

Analyst Ratings Changes

ALL has been the subject of several recent research reports. Keefe, Bruyette & Woods lowered shares of Allstate from an "outperform" rating to a "market perform" rating and cut their target price for the company from $266.00 to $242.00 in a research report on Monday. Citigroup boosted their target price on shares of Allstate from $221.00 to $226.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, March 23rd. Zacks Research lowered shares of Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $231.00 target price on shares of Allstate in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $240.33.

Allstate Price Performance

Shares of NYSE:ALL opened at $216.95 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a fifty day moving average price of $213.75 and a 200 day moving average price of $208.73. The Allstate Corporation has a fifty-two week low of $188.08 and a fifty-two week high of $227.62. The firm has a market cap of $55.85 billion, a price-to-earnings ratio of 4.79, a P/E/G ratio of 0.38 and a beta of 0.18.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping analysts' consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm had revenue of $16.94 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the prior year, the business earned $3.53 earnings per share. Allstate's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, sell-side analysts expect that The Allstate Corporation will post 29.43 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a $1.08 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a yield of 2.0%. Allstate's payout ratio is presently 9.53%.

About Allstate

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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