Panagora Asset Management Inc. Decreases Stock Holdings in The Allstate Corporation $ALL

Key Points

• Panagora Asset Management Inc. has reduced its stake in The Allstate Corporation by 53.6%, now holding 241,379 shares worth approximately $49.98 million.
• The Allstate Corporation reported $5.94 EPS for the recent quarter, significantly exceeding the consensus estimate of $3.20, despite revenues slightly falling short of expectations.
• Allstate announced a quarterly dividend of $1.00 per share, which translates to an annual yield of 2.0%, with a payout ratio of 18.81%.

Panagora Asset Management Inc. cut its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 53.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 241,379 shares of the insurance provider's stock after selling 278,939 shares during the period. Panagora Asset Management Inc. owned 0.09% of Allstate worth $49,982,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Hughes Financial Services LLC acquired a new position in shares of Allstate during the first quarter worth $28,000. Kapitalo Investimentos Ltda acquired a new position in shares of Allstate during the fourth quarter worth $29,000. Meeder Asset Management Inc. increased its position in shares of Allstate by 113.8% during the first quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock worth $39,000 after purchasing an additional 99 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Allstate during the first quarter worth $43,000. Finally, Mattson Financial Services LLC acquired a new position in shares of Allstate during the fourth quarter worth $44,000. 76.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ALL shares. Cantor Fitzgerald raised Allstate to a "hold" rating in a research report on Wednesday, August 13th. Jefferies Financial Group upped their price target on shares of Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a report on Monday, August 11th. William Blair assumed coverage on shares of Allstate in a report on Friday, June 6th. They issued a "sector outperform" rating on the stock. UBS Group upped their price target on shares of Allstate from $230.00 to $235.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $231.21.

Allstate Price Performance

Allstate stock traded up $3.11 during midday trading on Thursday, reaching $207.68. The company had a trading volume of 402,238 shares, compared to its average volume of 1,698,310. The company has a market capitalization of $54.73 billion, a P/E ratio of 9.76, a P/E/G ratio of 0.82 and a beta of 0.37. The Allstate Corporation has a 12-month low of $176.00 and a 12-month high of $214.76. The firm's fifty day simple moving average is $200.32 and its 200-day simple moving average is $199.74. 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 quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. The firm 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%. Allstate'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 EPS. As a group, equities analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Announces Dividend

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

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.