Martingale Asset Management L P Cuts Position in The Allstate Corporation $ALL

Key Points

• Martingale Asset Management L P decreased its stake in The Allstate Corporation by 6.3%, now holding 138,114 shares worth approximately $28.6 million.
• Allstate reported $5.94 earnings per share (EPS) for the last quarter, significantly exceeding analysts' estimates of $3.20, with quarterly revenue of $15.05 billion.
• The company declared a dividend of $1.00 per share, resulting in an annual yield of 1.9%, demonstrating a payout ratio of 18.81%.

Martingale Asset Management L P lessened its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 6.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 138,114 shares of the insurance provider's stock after selling 9,291 shares during the quarter. Martingale Asset Management L P owned approximately 0.05% of Allstate worth $28,599,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALL. Vanguard Group Inc. lifted its stake in Allstate by 0.5% in the first quarter. Vanguard Group Inc. now owns 32,800,086 shares of the insurance provider's stock valued at $6,791,914,000 after buying an additional 164,662 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Allstate by 2.4% in 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 lifted its stake in Allstate by 157.9% in 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. GQG Partners LLC lifted its stake in Allstate by 2.1% in the first quarter. GQG Partners LLC now owns 4,405,701 shares of the insurance provider's stock valued at $912,288,000 after buying an additional 89,185 shares during the period. Finally, Northern Trust Corp lifted its stake in Allstate by 15.8% in the fourth quarter. Northern Trust Corp now owns 3,496,017 shares of the insurance provider's stock valued at $673,997,000 after buying an additional 477,221 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ALL shares. Cantor Fitzgerald raised Allstate to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company set a $202.00 price objective on Allstate and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Jefferies Financial Group raised their price objective on Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Keefe, Bruyette & Woods increased their price objective on Allstate from $237.00 to $246.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $260.00 target price (up previously from $250.00) on shares of Allstate in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Allstate has an average rating of "Moderate Buy" and an average price target of $230.73.

Allstate Trading Down 1.7%

NYSE ALL traded down $3.41 during trading on Monday, hitting $202.11. 852,084 shares of the company's stock traded hands, compared to its average volume of 1,726,754. The stock has a fifty day moving average of $199.16 and a two-hundred day moving average of $199.10. The Allstate Corporation has a 12-month low of $176.00 and a 12-month high of $214.76. The firm has a market cap of $53.26 billion, a P/E ratio of 9.50, a PEG ratio of 0.83 and a beta of 0.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

Allstate (NYSE:ALL - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $2.74. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The firm had revenue of $15.05 billion during the quarter, compared to analyst estimates of $16.59 billion. During the same period last year, the business earned $1.61 earnings per share. The business's revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts expect that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be paid a $1.00 dividend. The ex-dividend date is Friday, August 29th. This represents a $4.00 annualized dividend and a yield of 2.0%. Allstate's payout ratio is presently 18.81%.

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.