Forum Financial Management LP Sells 4,956 Shares of The Allstate Corporation $ALL

Key Points

• Forum Financial Management LP reduced its Allstate stake by 30.4% in the first quarter, selling 4,956 shares and leaving it with 11,361 shares valued at about $2.36 million.
• Allstate reported strong first-quarter results, with earnings of $10.65 per share versus $7.31 expected and revenue of $16.94 billion versus $15.24 billion expected. Revenue rose 3.0% year over year, and analysts now expect 29.75 EPS for the full fiscal year.
• The company announced a quarterly dividend of $1.08 per share, payable July 1, which works out to an annualized yield of 1.8%. Meanwhile, insiders have recently sold shares, and analysts currently rate the stock a Moderate Buy with an average price target of $240.33.

Forum Financial Management LP cut its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 30.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,361 shares of the insurance provider's stock after selling 4,956 shares during the period. Forum Financial Management LP's holdings in Allstate were worth $2,356,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. MV Capital Management Inc. acquired a new position in shares of Allstate in the 4th quarter valued at $25,000. Dorato Capital Management bought a new position in shares of Allstate in the 4th quarter worth $27,000. Navalign LLC acquired a new stake in shares of Allstate during the fourth quarter worth $27,000. Princeton Global Asset Management LLC grew its stake in shares of Allstate by 101.3% during the fourth quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider's stock worth $31,000 after purchasing an additional 76 shares during the period. Finally, Palisade Asset Management LLC bought a new stake in Allstate in the third quarter valued at about $31,000. Institutional investors own 76.47% of the company's stock.

Allstate Price Performance

NYSE ALL opened at $240.98 on Tuesday. 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 stock has a market cap of $62.03 billion, a price-to-earnings ratio of 5.32, a PEG ratio of 0.42 and a beta of 0.19. The business has a 50 day simple moving average of $218.22 and a 200 day simple moving average of $210.45. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $241.78.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $16.94 billion for 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 revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.53 earnings per share. Analysts anticipate that The Allstate Corporation will post 29.75 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, June 1st. Allstate's dividend payout ratio (DPR) is presently 9.53%.

Analyst Ratings Changes

Several equities analysts have weighed in on ALL shares. Wall Street Zen lowered Allstate from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Keefe, Bruyette & Woods lowered Allstate from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $266.00 to $242.00 in a research report on Monday, June 8th. Barclays upped their price target on Allstate from $207.00 to $208.00 and gave the company an "underweight" rating in a research note on Wednesday, April 8th. Citigroup lifted their price objective on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Finally, Raymond James Financial restated a "strong-buy" rating and set a $260.00 price objective on shares of Allstate in a report on Tuesday, March 3rd. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $240.33.

Insider Activity at Allstate

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 directly owned 2,225 shares of the company's stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the company's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is owned by corporate insiders.

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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