The Allstate Corporation $ALL Shares Sold by Fisher Funds Management LTD

Key Points

• Fisher Funds Management reduced its Allstate stake by 13.6% in Q1, selling 7,127 shares and ending with 45,167 shares valued at about $9.37 million.
• Allstate delivered strong first-quarter results, posting EPS of $10.65 versus the $7.31 consensus and revenue of $16.94 billion, both ahead of estimates.
• The company also announced a quarterly dividend of $1.08 per share, implying an annualized yield of 2.0%, while analysts currently rate the stock a “Moderate Buy” with a consensus target price of $240.33.

Fisher Funds Management LTD cut its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 13.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,167 shares of the insurance provider's stock after selling 7,127 shares during the quarter. Fisher Funds Management LTD's holdings in Allstate were worth $9,365,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. CIBC Bancorp USA Inc. acquired a new stake in Allstate in the 3rd quarter worth about $7,814,000. Elo Mutual Pension Insurance Co grew its holdings in Allstate by 39.6% in the 3rd quarter. Elo Mutual Pension Insurance Co now owns 40,298 shares of the insurance provider's stock valued at $8,650,000 after buying an additional 11,431 shares during the period. Mezzasalma Advisors LLC increased its stake in shares of Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider's stock valued at $4,875,000 after acquiring an additional 8,837 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Allstate by 5.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock valued at $112,533,000 after acquiring an additional 26,586 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its holdings in shares of Allstate by 28.9% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 50,408 shares of the insurance provider's stock worth $10,820,000 after acquiring an additional 11,297 shares during the period. Institutional investors and hedge funds own 76.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Allstate from $229.00 to $243.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Citigroup upped 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. Piper Sandler reaffirmed an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Barclays increased their price target on shares of Allstate from $207.00 to $208.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 8th. Finally, Zacks Research cut shares of Allstate from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Allstate presently has an average rating of "Moderate Buy" and a consensus target price of $240.33.

Allstate Price Performance

ALL opened at $220.72 on Monday. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $227.62. The company has a 50 day moving average of $215.95 and a two-hundred day moving average of $209.23. The company has a market cap of $56.82 billion, a P/E ratio of 4.87, a P/E/G ratio of 0.39 and a beta of 0.19. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $3.53 EPS. On average, analysts expect that The Allstate Corporation will post 29.55 earnings per share for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, June 1st. Allstate's dividend payout ratio is currently 9.53%.

Insider Activity at Allstate

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the transaction, the director directly owned 2,225 shares of the company's stock, valued at $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of the firm'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 directly owned 27,558 shares in the company, valued at $5,959,968.66. This trade represents a 5.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,353 shares of company stock worth $4,851,560. Corporate insiders own 1.55% of the company's stock.

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.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Allstate Corporation (NYSE:ALL - Free Report).

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.