The Allstate Corporation $ALL Shares Sold by D.A. Davidson & CO.

Key Points

• D.A. Davidson reduced its Allstate stake by 46.6% in the third quarter, selling 10,683 shares and retaining 12,256 shares worth approximately $2.7 million. Institutional investors and hedge funds collectively own 76.47% of Allstate.
• Allstate reported strong quarterly results, with earnings of $8.99 per share versus analyst expectations of $6.06 and revenue of $18.60 billion. Revenue increased 11.8% year over year, while net margin reached 18.97% and return on equity was 41.64%.
• Analyst sentiment is mixed: Allstate has an average “Hold” rating and a consensus price target of $270.19, while recent targets range from $215 to $340. Two company insiders also sold substantial portions of their holdings, and insiders own 1.55% of the stock.

D.A. Davidson & CO. cut its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 46.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,256 shares of the insurance provider's stock after selling 10,683 shares during the quarter. D.A. Davidson & CO.'s holdings in Allstate were worth $2,719,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Allstate during the second quarter worth $5,439,448,000. Bank of America Corp DE boosted its holdings in Allstate by 8.1% in the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider's stock valued at $1,640,748,000 after purchasing an additional 596,321 shares during the last quarter. GQG Partners LLC acquired a new stake in Allstate during the 2nd quarter worth about $1,245,710,000. Deutsche Bank AG acquired a new stake in Allstate during the 2nd quarter worth about $1,008,648,000. Finally, Dimensional Fund Advisors LP grew its position in Allstate by 5.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider's stock worth $581,515,000 after purchasing an additional 154,259 shares during the period. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Price Performance

Allstate stock opened at $264.32 on Tuesday. The company's fifty day moving average price is $245.60 and its 200 day moving average price is $228.45. The Allstate Corporation has a 1 year low of $188.15 and a 1 year high of $277.22. The stock has a market capitalization of $66.84 billion, a P/E ratio of 5.55, a P/E/G ratio of 0.55 and a beta of 0.13. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The company had revenue of $18.60 billion during the quarter, compared to analysts' expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm's revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $5.94 earnings per share. As a group, equities research analysts anticipate that The Allstate Corporation will post 36.21 earnings per share for the current fiscal year.

Insider Transactions at Allstate

In related news, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the transaction, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Dugenske sold 32,996 shares of Allstate stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $269.33, for a total value of $8,886,812.68. Following the completion of the sale, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on ALL. Evercore lifted their price objective on Allstate from $240.00 to $262.00 in a research note on Thursday, October 8th. Citigroup lowered their target price on Allstate from $240.00 to $215.00 and set a "sell" rating on the stock in a research note on Friday, October 2nd. Atlantic Securities set a $319.00 target price on Allstate in a report on Wednesday, July 15th. Bank of America lifted their price target on Allstate from $336.00 to $340.00 and gave the company a "buy" rating in a research report on Monday, October 12th. Finally, JPMorgan Chase & Co. boosted their price target on Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Allstate currently has an average rating of "Hold" and an average price target of $270.19.

About Allstate

Allstate Corp. NYSE: ALL is an insurance company that provides protection products and related services primarily in the United States. Its offerings include automobile, homeowners, renters, condominium, motorcycle and other personal property and casualty insurance, distributed through agents, brokers, direct channels and digital platforms.

The company also provides roadside assistance, identity-protection services and protection plans for consumer products. Through its acquisition of National General, Allstate expanded its presence in independent-agent distribution and specialty personal insurance.

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.