The Allstate Corporation $ALL Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its Allstate stake by 1.9% in the fourth quarter, selling 35,785 shares and leaving it with about 1.86 million shares valued at roughly $386.8 million.
• Allstate reported strong quarterly results, posting $10.65 EPS versus the $7.31 consensus estimate and revenue of $16.94 billion, both ahead of expectations.
• The company also announced a quarterly dividend of $1.08 per share, payable July 1, which works out to an annualized yield of about 2.1%.

Bank of New York Mellon Corp lessened its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 1.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,858,275 shares of the insurance provider's stock after selling 35,785 shares during the quarter. Bank of New York Mellon Corp owned about 0.71% of Allstate worth $386,800,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Allstate during the fourth quarter worth approximately $531,294,000. Robeco Institutional Asset Management B.V. grew its position in shares of Allstate by 1,766.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider's stock worth $180,911,000 after acquiring an additional 822,583 shares during the last quarter. Woodline Partners LP purchased a new position in shares of Allstate during the third quarter worth approximately $148,641,000. AustralianSuper Pty Ltd grew its position in shares of Allstate by 80.6% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,220,984 shares of the insurance provider's stock worth $254,148,000 after acquiring an additional 544,874 shares during the last quarter. Finally, LSV Asset Management grew its position in shares of Allstate by 542.3% during the fourth quarter. LSV Asset Management now owns 631,005 shares of the insurance provider's stock worth $131,344,000 after acquiring an additional 532,770 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Trading Up 0.7%

Shares of ALL stock opened at $210.73 on Friday. The firm has a 50-day moving average price of $212.98 and a 200 day moving average price of $208.57. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $227.62. The company has a market capitalization of $54.25 billion, a price-to-earnings ratio of 4.65, a PEG ratio of 0.37 and a beta of 0.18. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter in the previous year, the company posted $3.53 EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. Research analysts forecast that The Allstate Corporation will post 29.43 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be paid a $1.08 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 annualized dividend and a yield of 2.1%. Allstate's payout ratio is presently 9.53%.

Insider Activity at Allstate

In other Allstate news, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the sale, the chief operating officer owned 82,227 shares in the company, valued at $17,991,267.60. The trade was a 18.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Q. Prindiville sold 1,550 shares of Allstate 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 sale, the insider owned 27,558 shares of the company's stock, valued at $5,959,968.66. This trade represents a 5.32% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ALL has been the topic of a number of research reports. Citigroup raised their target price 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. Barclays lifted their price objective on shares of Allstate from $207.00 to $208.00 and gave the company an "underweight" rating in a research report on Wednesday, April 8th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $220.00 price objective on shares of Allstate in a research report on Thursday, February 5th. Keefe, Bruyette & Woods raised their target price on Allstate from $260.00 to $266.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded Allstate from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Allstate has a consensus rating of "Moderate Buy" and an average price target of $241.67.

About Allstate

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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