Wellington Management Group LLP Has $7.11 Million Holdings in The Allstate Corporation $ALL

Key Points

• Wellington Management cut its Allstate stake by 36.1% in the second quarter, selling 16,870 shares and retaining 29,874 shares valued at approximately $7.11 million. Institutional investors collectively own 76.47% of Allstate.
• Analysts have a consensus “Hold” rating on Allstate, with an average price target of $263.90. Recent targets range from $242 to $319.
• Allstate reported strong quarterly results, posting $8.99 in EPS versus the $6.06 estimate and $18.60 billion in revenue, up 11.8% year over year. The company also declared a quarterly dividend of $1.08 per share, implying a 1.7% annual yield.

Wellington Management Group LLP lessened its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 36.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,874 shares of the insurance provider's stock after selling 16,870 shares during the period. Wellington Management Group LLP's holdings in Allstate were worth $7,108,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Allstate in the 2nd quarter valued at approximately $5,439,448,000. State Street Corp raised its holdings in shares of Allstate by 3.7% in the fourth quarter. State Street Corp now owns 12,297,551 shares of the insurance provider's stock valued at $2,571,600,000 after purchasing an additional 438,034 shares during the last quarter. Bank of America Corp DE raised 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 last quarter. GQG Partners LLC lifted its position in shares of Allstate by 36.0% in the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock worth $1,142,449,000 after purchasing an additional 1,452,993 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Allstate by 29.2% during the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock worth $1,042,321,000 after purchasing an additional 1,131,172 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Wall Street Analysts Forecast Growth

ALL has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Morgan Stanley set a $265.00 price objective on Allstate in a report on Tuesday, August 11th. Atlantic Securities set a $319.00 target price on Allstate in a research report on Wednesday, July 15th. Roth Capital set a $300.00 target price on Allstate in a report on Thursday, August 6th. Finally, Cantor Fitzgerald increased their price target on Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $263.90.

Allstate Trading Down 2.4%

Shares of NYSE:ALL opened at $253.40 on Wednesday. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22. 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 company has a market capitalization of $64.07 billion, a P/E ratio of 5.06, a price-to-earnings-growth ratio of 0.58 and a beta of 0.15. The company has a 50-day simple moving average of $257.59 and a 200 day simple moving average of $229.55.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same quarter in the prior year, the company earned $5.94 earnings per share. The business's revenue for the quarter was up 11.8% compared to the same quarter last year. Sell-side analysts forecast that The Allstate Corporation will post 35.5 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's payout ratio is 8.63%.

Insider Buying and Selling at Allstate

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

About Allstate

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate's roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.

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.