Assetmark Inc. Lowers Stake in The Allstate Corporation $ALL

Assetmark Inc. lessened its stake in The Allstate Corporation (NYSE:ALL) by 71.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 17,354 shares of the insurance provider’s stock after selling 42,801 shares during the period. Assetmark Inc.’s holdings in Allstate were worth $3,598,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Allstate by 3.7% in the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock valued at $2,571,600,000 after buying an additional 438,034 shares during the period. GQG Partners LLC lifted its stake in Allstate by 36.0% during the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Allstate by 29.2% during the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares during the period. Boston Partners boosted its holdings in Allstate by 14.9% during the 3rd quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock valued at $654,652,000 after acquiring an additional 395,195 shares during the period. Finally, Raymond James Financial Inc. grew its position in Allstate by 3.3% in the 2nd quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider’s stock valued at $562,388,000 after acquiring an additional 88,620 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALL. Barclays boosted their price target on shares of Allstate from $203.00 to $213.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 7th. Cantor Fitzgerald lifted their price objective on shares of Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Evercore set a $240.00 target price on shares of Allstate in a research note on Friday, July 10th. Morgan Stanley increased their target price on shares of Allstate from $215.00 to $240.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Roth Capital reissued a “buy” rating and issued a $275.00 price target on shares of Allstate in a research report on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $254.80.

Insiders Place Their Bets

In other news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is currently owned by insiders.

Allstate Stock Performance

Shares of ALL opened at $252.10 on Thursday. The company has a market capitalization of $64.90 billion, a price-to-earnings ratio of 5.56, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $257.67. The stock has a 50 day moving average price of $229.54 and a 200 day moving average price of $215.33.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same period last year, the firm posted $3.53 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Research analysts predict that The Allstate Corporation will post 30.51 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued 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 dividend yield of 1.7%. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

About Allstate

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.