Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in The Allstate Corporation (NYSE:ALL)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in The Allstate Corporation by 5.9%, now owning approximately 0.18% of the company, valued at $97.2 million.
• The Allstate Corporation reported earnings of $5.94 EPS for the quarter, significantly exceeding analysts' expectations of $3.20, although its revenue of $15.05 billion fell short of estimates.
• The company declared a quarterly dividend of $1.00 per share, with a dividend yield of 2.0%, to be paid on October 1st to shareholders on record as of August 29th.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 5.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 469,628 shares of the insurance provider's stock after buying an additional 26,020 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Allstate worth $97,246,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Allstate by 0.5% in the first quarter. Vanguard Group Inc. now owns 32,800,086 shares of the insurance provider's stock worth $6,791,914,000 after purchasing an additional 164,662 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Allstate by 2.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,334,926 shares of the insurance provider's stock valued at $1,799,681,000 after purchasing an additional 218,771 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Allstate by 157.9% in the 4th quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider's stock worth $1,270,705,000 after buying an additional 4,035,629 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Allstate by 15.8% in the 4th quarter. Northern Trust Corp now owns 3,496,017 shares of the insurance provider's stock worth $673,997,000 after buying an additional 477,221 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Allstate by 7.2% in the 4th quarter. Deutsche Bank AG now owns 3,233,681 shares of the insurance provider's stock worth $623,421,000 after buying an additional 217,468 shares during the last quarter. 76.47% of the stock is owned by institutional investors.

Allstate Trading Down 2.0%

ALL stock opened at $204.86 on Friday. The Allstate Corporation has a 12 month low of $169.20 and a 12 month high of $213.18. The firm's 50-day moving average is $198.37 and its 200 day moving average is $197.65. The company has a market capitalization of $53.98 billion, a PE ratio of 9.63, a P/E/G ratio of 0.87 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 issued its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, topping analysts' consensus estimates of $3.20 by $2.74. The business had revenue of $15.05 billion for the quarter, compared to analyst estimates of $16.59 billion. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The company's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the company posted $1.61 earnings per share. On average, research analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 29th. Allstate's dividend payout ratio is currently 18.81%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ALL shares. Wells Fargo & Company set a $202.00 price target on shares of Allstate and gave the company an "equal weight" rating in a report on Tuesday. Raymond James Financial restated a "strong-buy" rating and set a $260.00 price objective (up from $250.00) on shares of Allstate in a research report on Monday. UBS Group lifted their target price on Allstate from $230.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. 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. Finally, BMO Capital Markets restated an "outperform" rating on shares of Allstate in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $230.00.

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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