Pictet Asset Management Holding SA Reduces Stock Position in The Allstate Corporation $ALL

Pictet Asset Management Holding SA cut its holdings in The Allstate Corporation (NYSE:ALL) by 14.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 332,049 shares of the insurance provider’s stock after selling 55,226 shares during the period. Pictet Asset Management Holding SA’s holdings in Allstate were worth $68,847,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. CIBC Bancorp USA Inc. purchased a new stake in Allstate in the 3rd quarter worth approximately $7,814,000. Elo Mutual Pension Insurance Co grew its position in shares of Allstate by 39.6% during 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 purchasing an additional 11,431 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Allstate by 5.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock worth $112,533,000 after purchasing an additional 26,586 shares during the period. Mezzasalma Advisors LLC increased its holdings in shares of Allstate by 58.6% in the fourth quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider’s stock worth $4,875,000 after purchasing an additional 8,837 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG raised its position in shares of Allstate by 28.9% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 50,408 shares of the insurance provider’s stock worth $10,820,000 after buying an additional 11,297 shares in the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ALL shares. Weiss Ratings reissued a “buy (a-)” rating on shares of Allstate in a research note on Thursday, June 18th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $260.00 price target on shares of Allstate in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods downgraded Allstate from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $266.00 to $242.00 in a research report on Monday, June 8th. Wells Fargo & Company boosted their price objective on Allstate from $229.00 to $243.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $231.00 price objective on shares of Allstate in a research report on Thursday, March 5th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $240.33.

Allstate Stock Up 0.6%

Shares of NYSE:ALL opened at $240.98 on Tuesday. The firm has a market capitalization of $62.03 billion, a PE ratio of 5.32, a price-to-earnings-growth ratio of 0.42 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $241.78. The firm has a fifty day moving average of $218.22 and a 200 day moving average of $210.45.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter last year, the business posted $3.53 earnings per share. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, research analysts anticipate that The Allstate Corporation will post 29.75 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given a $1.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a yield of 1.8%. Allstate’s payout ratio is presently 9.53%.

Insiders Place Their Bets

In other news, insider Mark Q. Prindiville sold 1,550 shares of the business’s stock in a transaction that occurred on 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 sale, the insider directly owned 27,558 shares in the company, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,353 shares of company stock valued at $4,851,560 over the last quarter. 1.55% of the stock is owned by corporate insiders.

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.