Wellington Management Group LLP Lowers Stock Position in The Allstate Corporation $ALL

Key Points

• Wellington Management Group LLP reduced its stake in The Allstate Corporation by 39.1%, selling 33,404 shares, leaving them with a total of 51,947 shares valued at $10.76 million.
• Several other institutional investors have made significant adjustments to their holdings in Allstate, with Korea Investment CORP increasing its stake by 11.5%, now owning over 251,538 shares worth $52.09 million.
• Allstate reported strong quarterly earnings of $5.94 per share, exceeding analyst expectations, but missed revenue targets with $15.05 billion against an estimate of $16.59 billion.

Wellington Management Group LLP cut its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 39.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 51,947 shares of the insurance provider's stock after selling 33,404 shares during the period. Wellington Management Group LLP's holdings in Allstate were worth $10,757,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hughes Financial Services LLC acquired a new stake in shares of Allstate in the first quarter valued at $28,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Allstate in the fourth quarter valued at $29,000. Meeder Asset Management Inc. raised its stake in shares of Allstate by 113.8% in the first quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 99 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Allstate in the first quarter valued at $43,000. Finally, Mattson Financial Services LLC acquired a new stake in shares of Allstate in the fourth quarter valued at $44,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Price Performance

Allstate stock traded down $0.13 during mid-day trading on Monday, hitting $203.63. 993,048 shares of the company were exchanged, compared to its average volume of 1,240,477. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The business's 50 day simple moving average is $199.81 and its two-hundred day simple moving average is $199.57. The company has a market capitalization of $53.66 billion, a P/E ratio of 9.57, a PEG ratio of 0.82 and a beta of 0.37. The Allstate Corporation has a 12-month low of $176.00 and a 12-month high of $214.76.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $2.74. The company had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $16.59 billion. Allstate had a return on equity of 28.74% and a net margin of 8.79%.Allstate's revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.61 earnings per share. Analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be issued 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 18.81%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ALL shares. UBS Group raised their price target on Allstate from $230.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial restated a "strong-buy" rating and issued a $260.00 price target (up from $250.00) on shares of Allstate in a research note on Monday, August 4th. William Blair started coverage on Allstate in a research note on Friday, June 6th. They issued a "sector outperform" rating on the stock. Morgan Stanley raised their price target on Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Citigroup raised Allstate to a "hold" rating in a report on Wednesday, August 13th. One 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 assigned a Sell rating to the company's stock. According to MarketBeat, Allstate has a consensus rating of "Moderate Buy" and a consensus price target of $230.73.

Allstate Profile

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.