Resona Asset Management Co. Ltd. Grows Position in The Allstate Corporation (NYSE:ALL)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in The Allstate Corporation by 7.2% in Q1, owning over 100,000 shares valued at approximately $20.7 million.
• Allstate reported a significant earnings per share (EPS) of $5.94 for the latest quarter, which exceeded analyst expectations of $3.20, though revenue was below estimates at $15.05 billion.
• The company announced a quarterly dividend of $1.00 per share, reflecting a dividend yield of 1.9%, scheduled for payment on October 1st.

Resona Asset Management Co. Ltd. increased its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,004 shares of the insurance provider's stock after buying an additional 6,719 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Allstate were worth $20,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Public Sector Pension Investment Board raised its holdings in Allstate by 3.2% during the 1st quarter. Public Sector Pension Investment Board now owns 70,855 shares of the insurance provider's stock worth $14,672,000 after purchasing an additional 2,190 shares during the last quarter. AIA Group Ltd bought a new stake in Allstate during the 1st quarter worth about $349,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its holdings in Allstate by 5.0% during the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 1,664 shares of the insurance provider's stock worth $345,000 after purchasing an additional 79 shares during the last quarter. Ballast Inc. bought a new stake in Allstate during the 1st quarter worth about $207,000. Finally, Linscomb Wealth Inc. raised its holdings in Allstate by 1.3% during the 1st quarter. Linscomb Wealth Inc. now owns 4,079 shares of the insurance provider's stock worth $845,000 after purchasing an additional 54 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Price Performance

Shares of NYSE ALL traded down $1.94 during mid-day trading on Friday, reaching $206.76. The company had a trading volume of 1,049,492 shares, compared to its average volume of 1,742,630. The business's 50-day simple moving average is $198.18 and its 200 day simple moving average is $198.33. The firm has a market cap of $54.48 billion, a price-to-earnings ratio of 9.72, a PEG ratio of 0.87 and a beta of 0.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. The Allstate Corporation has a one year low of $176.00 and a one year high of $213.18.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, topping analysts' consensus estimates of $3.20 by $2.74. Allstate had a return on equity of 28.74% and a net margin of 8.79%. The business had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $16.59 billion. During the same period in the previous year, the company posted $1.61 earnings per share. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. On average, research analysts predict that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ALL shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Allstate in a research note on Friday, May 16th. Wall Street Zen raised Allstate from a "hold" rating to a "buy" rating in a research report on Tuesday, August 5th. Morgan Stanley increased their price objective on Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Jefferies Financial Group increased their price objective on Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a report on Monday. Finally, Barclays restated an "underweight" rating and issued a $198.00 price target (up previously from $188.00) on shares of Allstate in a research note on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Allstate currently has an average rating of "Moderate Buy" and an average price target of $229.33.

Allstate Company 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.