The Allstate Corporation $ALL Shares Sold by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich cut its position in shares of The Allstate Corporation (NYSE:ALLFree Report) by 25.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,958 shares of the insurance provider’s stock after selling 21,261 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in Allstate were worth $14,980,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ALL. BlackRock Inc. acquired a new stake in shares of Allstate during the second quarter worth $5,439,448,000. Bank of America Corp DE acquired a new position in shares of Allstate in the 2nd quarter valued at about $1,410,362,000. GQG Partners LLC bought a new stake in shares of Allstate during the 2nd quarter valued at about $1,245,710,000. Deutsche Bank AG acquired a new stake in Allstate during the second quarter worth about $1,008,648,000. Finally, Norges Bank acquired a new stake in Allstate during the fourth quarter worth about $531,294,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

Key Stories Impacting Allstate

Here are the key news stories impacting Allstate this week:

Analyst Ratings Changes

Several research firms have recently commented on ALL. Citigroup lowered Allstate from a “neutral” rating to a “sell” rating and upped their target price for the company from $226.00 to $240.00 in a report on Tuesday, August 11th. Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Roth Capital set a $300.00 price objective on Allstate in a research note on Thursday, August 6th. Argus set a $238.00 target price on Allstate in a research report on Friday, August 28th. Finally, Weiss Ratings cut Allstate from a “buy (a)” rating to a “buy (a-)” rating in a research note on Tuesday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $263.90.

Read Our Latest Research Report on ALL

Allstate Stock Down 1.4%

ALL stock opened at $259.43 on Friday. The firm’s 50-day moving average is $256.91 and its two-hundred day moving average is $228.76. The company has a market capitalization of $65.60 billion, a price-to-earnings ratio of 5.18, a price-to-earnings-growth ratio of 0.60 and a beta of 0.15. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALLGet Free Report) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion for the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.94 earnings per share. On average, analysts forecast that The Allstate Corporation will post 34.78 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 annualized dividend and a yield of 1.7%. Allstate’s dividend payout ratio (DPR) is currently 8.63%.

Insider Transactions at Allstate

In other news, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the transaction, the insider owned 13,054 shares of the company’s stock, valued at $3,515,833.82. The trade was a 71.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Mario Rizzo sold 56,225 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by insiders.

About Allstate

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Allstate (NYSE:ALL)

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