The Allstate Corporation $ALL Shares Sold by Choate Investment Advisors

Key Points

• Choate Investment Advisors cut its Allstate stake by 54.4% in the fourth quarter, selling 11,084 shares and leaving it with 9,284 shares worth about $1.93 million.
• Allstate’s latest earnings topped expectations, with Q1 EPS of $10.65 versus $7.31 expected and revenue of $16.94 billion, up 3% year over year.
• The company also declared a quarterly dividend of $1.08 per share, payable July 1, for an annualized yield of about 2.0%.

Choate Investment Advisors decreased its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 54.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,284 shares of the insurance provider's stock after selling 11,084 shares during the period. Choate Investment Advisors' holdings in Allstate were worth $1,932,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ALL. Dorato Capital Management purchased a new stake in Allstate during the fourth quarter worth approximately $27,000. Navalign LLC purchased a new stake in Allstate during the fourth quarter worth approximately $27,000. Princeton Global Asset Management LLC grew its stake 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 buying an additional 76 shares during the period. Palisade Asset Management LLC purchased a new stake in Allstate during the third quarter worth approximately $31,000. Finally, South Plains Financial Inc. grew its stake in Allstate by 41.5% during the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider's stock worth $36,000 after buying an additional 49 shares during the period. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ALL shares. The Goldman Sachs Group reiterated a "neutral" rating and set a $231.00 price objective on shares of Allstate in a research note on Thursday, March 5th. Wall Street Zen downgraded shares of Allstate from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, March 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Allstate from $260.00 to $266.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $260.00 price objective on shares of Allstate in a research note on Tuesday, March 3rd. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Allstate has a consensus rating of "Moderate Buy" and an average target price of $241.67.

Allstate Price Performance

Shares of ALL stock opened at $216.64 on Tuesday. The company has a market capitalization of $55.77 billion, a PE ratio of 4.78, a price-to-earnings-growth ratio of 0.39 and a beta of 0.21. The firm has a fifty day simple moving average of $212.51 and a 200-day simple moving average of $208.33. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $227.62.

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. The business 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 business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.53 earnings per share. Equities research analysts anticipate that The Allstate Corporation will post 29.28 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. Stockholders of record on Monday, June 1st will be paid a $1.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $4.32 annualized dividend and a dividend yield of 2.0%. Allstate's dividend payout ratio is 9.53%.

Insider Buying and Selling at Allstate

In other news, 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 completion of the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.55% of the company's stock.

Allstate Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.