The Allstate Co. (NYSE:ALL) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its holdings in The Allstate Co. (NYSE:ALL - Free Report) by 12.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,840 shares of the insurance provider's stock after selling 1,966 shares during the quarter. Fifth Third Bancorp's holdings in Allstate were worth $2,866,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Allstate by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 32,635,424 shares of the insurance provider's stock worth $6,291,783,000 after acquiring an additional 389,426 shares during the period. Price T Rowe Associates Inc. MD grew 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 buying an additional 218,771 shares during the period. Bank of America Corp DE grew its position in Allstate by 157.9% during the fourth quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider's stock valued at $1,270,705,000 after buying an additional 4,035,629 shares during the period. Geode Capital Management LLC grew its position in Allstate by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 6,419,728 shares of the insurance provider's stock valued at $1,236,060,000 after buying an additional 191,147 shares during the period. Finally, GQG Partners LLC grew its position in Allstate by 64.1% during the fourth quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider's stock valued at $832,181,000 after buying an additional 1,685,694 shares during the period. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Price Performance

Shares of ALL opened at $198.61 on Friday. The Allstate Co. has a 1-year low of $156.66 and a 1-year high of $213.18. The stock has a market cap of $52.60 billion, a PE ratio of 11.69, a P/E/G ratio of 1.01 and a beta of 0.35. The firm has a 50-day simple moving average of $200.21 and a two-hundred day simple moving average of $196.94. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share for the quarter, missing analysts' consensus estimates of $3.98 by ($0.45). Allstate had a net margin of 7.28% and a return on equity of 28.20%. The company had revenue of $14.30 billion for the quarter, compared to analyst estimates of $16.41 billion. During the same quarter in the prior year, the business earned $5.13 earnings per share. Allstate's revenue was up 7.8% on a year-over-year basis. As a group, analysts forecast that The Allstate Co. will post 18.74 EPS for the current year.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Monday, June 9th. Allstate's dividend payout ratio (DPR) is currently 27.32%.

Allstate declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 26th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the insurance provider to buy up to 3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently commented on ALL shares. Evercore ISI raised their price target on shares of Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Raymond James reiterated a "strong-buy" rating and issued a $250.00 target price (up previously from $240.00) on shares of Allstate in a research report on Monday, May 5th. William Blair started coverage on shares of Allstate in a research report on Friday, June 6th. They issued a "sector outperform" rating on the stock. Morgan Stanley lifted their target price on shares of Allstate from $225.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, BMO Capital Markets reiterated 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 assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $225.20.

About Allstate

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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