The Allstate Corporation $ALL Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Allstate stake by 7.2% in the third quarter, selling 22,420 shares and retaining 289,561 shares valued at about $64.2 million.
• Analyst views are mixed, with a consensus Hold rating and an average price target of $271.71.
• Allstate reported quarterly earnings of $9.76 per share, beating estimates of $6.89, and revenue of $17.35 billion, also above expectations.

Pictet Asset Management Holding SA cut its stake in The Allstate Corporation (NYSE:ALL - Free Report) by 7.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,561 shares of the insurance provider's stock after selling 22,420 shares during the period. Pictet Asset Management Holding SA owned about 0.11% of Allstate worth $64,246,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ALL. BlackRock Inc. purchased a new position in shares of Allstate during the second quarter worth approximately $5,439,448,000. Bank of America Corp DE boosted its holdings in shares of 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 period. GQG Partners LLC purchased a new stake in shares of Allstate in the second quarter valued at approximately $1,245,710,000. Deutsche Bank AG bought a new position in Allstate in the second quarter worth approximately $1,008,648,000. Finally, Dimensional Fund Advisors LP grew its stake in Allstate by 5.8% in the first 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 in the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Wall Street Analysts Forecast Growth

ALL has been the topic of several research reports. BMO Capital Markets raised their price objective on Allstate from $250.00 to $284.00 and gave the stock an "outperform" rating in a report on Thursday, August 13th. Weiss Ratings upgraded Allstate from a "buy (a)" rating to a "buy (a+)" rating in a report on Thursday, October 29th. Piper Sandler dropped their price target on Allstate from $300.00 to $294.00 and set an "overweight" rating on the stock in a research report on Monday. HSBC lowered Allstate from a "buy" rating to a "hold" rating and set a $271.00 price target on the stock. in a research note on Friday. Finally, Atlantic Securities set a $319.00 price objective on Allstate in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $271.71.

Allstate Price Performance

NYSE ALL opened at $253.80 on Tuesday. The company has a market cap of $64.18 billion, a PE ratio of 5.75, a P/E/G ratio of 0.59 and a beta of 0.13. The firm's 50 day moving average price is $245.77 and its 200-day moving average price is $230.14. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The Allstate Corporation has a 52-week low of $191.13 and a 52-week high of $281.11.

Allstate (NYSE:ALL - Get Free Report) last posted its earnings results on Wednesday, November 4th. The insurance provider reported $9.76 earnings per share for the quarter, topping analysts' consensus estimates of $6.89 by $2.87. The company had revenue of $17.35 billion during the quarter, compared to analyst estimates of $15.87 billion. Allstate had a return on equity of 38.48% and a net margin of 16.57%. Allstate's revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $11.17 earnings per share. Sell-side analysts forecast that The Allstate Corporation will post 36.67 EPS for the current fiscal year.

Allstate Profile

Allstate Corporation is a U.S.-based insurance company that provides property and casualty coverage and related protection products. Its offerings include auto, homeowners, renters, condominium, motorcycle and recreational vehicle insurance, as well as life insurance and roadside assistance.

The company sells products through its Allstate-branded business and other businesses, including National General, using agents and direct-to-consumer channels. Allstate primarily serves customers in the United States.

Founded in 1931 as part of Sears, Roebuck and Co, Allstate became an independent, publicly traded company in 1993.

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