Invesco Ltd. Sells 265,699 Shares of The Allstate Corporation (NYSE:ALL)

Key Points

• Invesco Ltd. reduced its stake in The Allstate Corporation by 7.2%, selling 265,699 shares and holding approximately 3.4 million shares valued at $707 million as of the latest reporting period.
• Allstate recently reported earnings of $5.94 per share, significantly exceeding estimates, though revenue of $15.05 billion fell short of expectations.
• The company announced a quarterly dividend of $1.00 per share, with a yield of 1.9%, to be paid on October 1st, highlighting an 18.81% dividend payout ratio.

Invesco Ltd. cut its stake in The Allstate Corporation (NYSE:ALL - Free Report) by 7.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,415,607 shares of the insurance provider's stock after selling 265,699 shares during the period. Invesco Ltd. owned about 1.29% of Allstate worth $707,270,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Sequoia Financial Advisors LLC grew its position in Allstate by 30.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider's stock worth $2,352,000 after acquiring an additional 2,643 shares during the last quarter. Richard Bernstein Advisors LLC bought a new position in Allstate in the 1st quarter valued at $3,341,000. Dock Street Asset Management Inc. bought a new position in Allstate in the 1st quarter valued at $207,000. First Citizens Bank & Trust Co. boosted its position in Allstate by 5.5% in the 1st quarter. First Citizens Bank & Trust Co. now owns 57,499 shares of the insurance provider's stock valued at $11,906,000 after buying an additional 2,981 shares during the last quarter. Finally, Blackstone Inc. bought a new position in Allstate in the 4th quarter valued at $52,053,000. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Stock Up 1.2%

Shares of ALL traded up $2.49 during midday trading on Wednesday, hitting $209.25. The stock had a trading volume of 53,104 shares, compared to its average volume of 1,746,626. The company has a 50 day simple moving average of $198.10 and a two-hundred day simple moving average of $198.15. The Allstate Corporation has a twelve month low of $175.76 and a twelve month high of $213.18. The firm has a market cap of $55.14 billion, a price-to-earnings ratio of 9.84, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $2.74. The firm 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%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the business posted $1.61 EPS. On average, analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Announces Dividend

The business 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 $1.00 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. Allstate's payout ratio is currently 18.81%.

Analysts Set New Price Targets

A number of brokerages have commented on ALL. Keefe, Bruyette & Woods increased their price objective on Allstate from $237.00 to $246.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Evercore ISI increased their price target on Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. UBS Group increased their price target on Allstate from $230.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Cantor Fitzgerald initiated coverage on Allstate in a research note on Tuesday. They issued a "neutral" rating and a $202.00 price target on the stock. Finally, William Blair initiated coverage on Allstate in a research note on Friday, June 6th. They issued a "sector outperform" rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Allstate has an average rating of "Moderate Buy" and an average target price of $227.50.

About Allstate

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.