Royal Bank of Canada Reduces Position in The Allstate Corporation $ALL

Key Points

• Royal Bank of Canada cut its Allstate position by 15.4% in the first quarter, selling 105,884 shares and retaining 580,531 shares valued at approximately $120.4 million.
• Other institutional investors increased exposure to Allstate, including GQG Partners and Franklin Resources, while institutional investors collectively own 76.47% of the company.
• Allstate reported quarterly EPS of $10.65, well above the $7.31 consensus estimate, and announced a quarterly dividend of $1.08. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $254.80.

Royal Bank of Canada decreased its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 580,531 shares of the insurance provider's stock after selling 105,884 shares during the quarter. Royal Bank of Canada owned approximately 0.23% of Allstate worth $120,368,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of ALL. Norges Bank purchased a new position in shares of Allstate during the 4th quarter valued at approximately $531,294,000. GQG Partners LLC increased its stake in shares of Allstate by 36.0% in the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock worth $1,142,449,000 after buying an additional 1,452,993 shares during the last quarter. Franklin Resources Inc. raised its holdings in Allstate by 29.2% in the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Allstate by 1,766.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider's stock valued at $180,911,000 after acquiring an additional 822,583 shares in the last quarter. Finally, Woodline Partners LP bought a new position in Allstate during the 3rd quarter valued at $148,641,000. Institutional investors and hedge funds own 76.47% of the company's stock.

Insider Transactions at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. This represents a 5.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrea Redmond sold 2,225 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the sale, the director owned 2,225 shares in the company, valued at $451,474.75. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.55% of the company's stock.

Allstate Price Performance

Shares of NYSE ALL opened at $265.22 on Friday. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $277.22. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The business's fifty day moving average price is $234.98 and its two-hundred day moving average price is $217.73. The firm has a market capitalization of $68.27 billion, a PE ratio of 5.85, a P/E/G ratio of 0.47 and a beta of 0.16.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.31 by $3.34. The company had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.53 earnings per share. On average, research analysts expect that The Allstate Corporation will post 30.74 EPS for the current year.

Allstate Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be given a $1.08 dividend. The ex-dividend date is Monday, August 31st. This represents a $4.32 annualized dividend and a yield of 1.6%. Allstate's dividend payout ratio (DPR) is currently 9.53%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ALL shares. UBS Group downgraded shares of Allstate from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $255.00 to $261.00 in a research report on Wednesday, July 15th. Citigroup increased their price target on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Roth Capital reiterated a "buy" rating and issued a $275.00 price target on shares of Allstate in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price objective on Allstate from $263.00 to $282.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Finally, Keefe, Bruyette & Woods upped their price objective on Allstate from $242.00 to $255.00 and gave the company a "market perform" rating in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $254.80.

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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