Hsbc Holdings PLC Cuts Stock Position in The Allstate Corporation $ALL

Key Points

• Hsbc Holdings PLC has reduced its stake in The Allstate Corporation by 13.6%, owning 816,648 shares worth approximately $168.86 million after selling 128,430 shares.
• Allstate reported a EPS of $5.94 for the last quarter, significantly exceeding the consensus estimate of $3.20, despite the company's revenue falling short of expectations at $15.05 billion.
• The company announced a quarterly dividend of $1.00, equating to an annual yield of 1.9%, with the dividend payout ratio currently at 18.81%.

Hsbc Holdings PLC lowered its position in The Allstate Corporation (NYSE:ALL - Free Report) by 13.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 816,648 shares of the insurance provider's stock after selling 128,430 shares during the period. Hsbc Holdings PLC owned approximately 0.31% of Allstate worth $168,858,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its position in shares of Allstate by 30.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider's stock worth $2,352,000 after buying an additional 2,643 shares during the last quarter. Richard Bernstein Advisors LLC purchased a new stake in Allstate during the 1st quarter worth approximately $3,341,000. Atlas Capital Advisors Inc. grew its position in Allstate by 197.3% during the 1st quarter. Atlas Capital Advisors Inc. now owns 6,712 shares of the insurance provider's stock worth $1,390,000 after purchasing an additional 4,454 shares during the last quarter. Dock Street Asset Management Inc. purchased a new stake in Allstate during the 1st quarter worth approximately $207,000. Finally, First Citizens Bank & Trust Co. grew its position in Allstate by 5.5% during the 1st quarter. First Citizens Bank & Trust Co. now owns 57,499 shares of the insurance provider's stock worth $11,906,000 after purchasing an additional 2,981 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Allstate Stock Performance

Shares of NYSE ALL opened at $210.2780 on Wednesday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The Allstate Corporation has a 12 month low of $176.00 and a 12 month high of $213.18. The company has a 50 day simple moving average of $198.56 and a two-hundred day simple moving average of $198.71. The stock has a market cap of $55.41 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 0.84 and a beta of 0.35.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, beating the consensus estimate of $3.20 by $2.74. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The business had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. During the same period in the previous year, the business posted $1.61 EPS. The business's quarterly revenue was up 5.8% compared to the same quarter last year. As a group, analysts predict that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Announces Dividend

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wall Street Zen raised shares of Allstate from a "hold" rating to a "buy" rating in a research report on Tuesday, August 5th. William Blair assumed coverage on shares of Allstate in a research report on Friday, June 6th. They set a "sector outperform" rating on the stock. Barclays reissued an "underweight" rating and set a $198.00 target price (up previously from $188.00) on shares of Allstate in a research report on Thursday, July 31st. Keefe, Bruyette & Woods boosted their target price on shares of Allstate from $237.00 to $246.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, Evercore ISI boosted their target price on shares of Allstate from $227.00 to $230.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $229.33.

Allstate 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.

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