Pictet Asset Management Holding SA Cuts Stock Holdings in The Allstate Corporation $ALL

Key Points

• Pictet Asset Management cut its Allstate stake by 14.3% in Q1, selling 55,226 shares and leaving it with 332,049 shares worth about $68.8 million.
• Allstate reported strong first-quarter results, with EPS of $10.65 beating estimates of $7.31 and revenue of $16.94 billion topping expectations.
• The company also declared a quarterly dividend of $1.08 per share to be paid July 1, while analysts currently view the stock as a Moderate Buy with a consensus price target of $240.33.

Pictet Asset Management Holding SA lowered its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 14.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 332,049 shares of the insurance provider's stock after selling 55,226 shares during the quarter. Pictet Asset Management Holding SA owned 0.13% of Allstate worth $68,847,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. MV Capital Management Inc. purchased a new position in Allstate during the 4th quarter worth $25,000. Dorato Capital Management purchased a new stake in shares of Allstate in the fourth quarter valued at about $27,000. Navalign LLC bought a new position in shares of Allstate during the fourth quarter valued at about $27,000. Princeton Global Asset Management LLC boosted its holdings in 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 last quarter. Finally, Palisade Asset Management LLC purchased a new position in Allstate during the third quarter worth about $31,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Stock Performance

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

Allstate (NYSE:ALL - Get Free Report) last released its 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. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm had revenue of $16.94 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same period in the previous year, the company earned $3.53 earnings per share. The company's quarterly revenue was up 3.0% on a year-over-year basis. On average, research analysts predict that The Allstate Corporation will post 29.75 EPS for the current year.

Allstate Dividend Announcement

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

Analyst Upgrades and Downgrades

ALL has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on shares of Allstate from $229.00 to $243.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 6th. Citigroup boosted their target price on Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods lowered Allstate from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $266.00 to $242.00 in a report on Monday, June 8th. Mizuho decreased their price target on Allstate from $281.00 to $265.00 and set an "outperform" rating for the company in a research report on Friday, March 20th. Finally, Zacks Research lowered Allstate from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 7th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $240.33.

Insiders Place Their Bets

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the company's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. This represents a 18.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 22,353 shares of company stock valued at $4,851,560 over the last ninety days. 1.55% of the stock is currently owned by 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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