Eastern Bank Sells 96,162 Shares of The Allstate Co. (NYSE:ALL)

Eastern Bank lessened its stake in shares of The Allstate Co. (NYSE:ALLGet Rating) by 92.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,841 shares of the insurance provider’s stock after selling 96,162 shares during the period. Eastern Bank’s holdings in Allstate were worth $1,086,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ALL. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Allstate during the fourth quarter worth about $560,036,000. Norges Bank purchased a new stake in Allstate during the fourth quarter worth about $290,333,000. Allspring Global Investments Holdings LLC purchased a new stake in Allstate during the fourth quarter worth about $184,428,000. Invesco Ltd. increased its holdings in Allstate by 22.2% during the fourth quarter. Invesco Ltd. now owns 7,232,598 shares of the insurance provider’s stock worth $850,916,000 after buying an additional 1,314,237 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Allstate by 42.4% during the fourth quarter. American Century Companies Inc. now owns 3,170,275 shares of the insurance provider’s stock worth $372,983,000 after buying an additional 944,202 shares during the last quarter. Institutional investors and hedge funds own 75.84% of the company’s stock.

A number of research firms recently issued reports on ALL. Argus downgraded shares of Allstate from a “buy” rating to a “hold” rating in a report on Friday, May 20th. Morgan Stanley reduced their target price on shares of Allstate from $152.00 to $139.00 and set an “equal weight” rating for the company in a research note on Monday, May 23rd. Barclays lifted their target price on shares of Allstate from $119.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 12th. Wells Fargo & Company reiterated a “sell” rating and issued a $120.00 target price on shares of Allstate in a research note on Friday, June 10th. Finally, Credit Suisse Group assumed coverage on shares of Allstate in a research note on Thursday, April 28th. They issued an “outperform” rating and a $188.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $145.75.

Allstate stock traded up $2.76 during mid-day trading on Friday, hitting $129.49. 38,708 shares of the company traded hands, compared to its average volume of 2,134,317. The Allstate Co. has a one year low of $106.11 and a one year high of $144.46. The stock has a market cap of $35.61 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 2.56 and a beta of 0.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a fifty day moving average price of $128.21 and a 200-day moving average price of $127.05.

Allstate (NYSE:ALLGet Rating) last announced its earnings results on Wednesday, May 4th. The insurance provider reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.21). Allstate had a net margin of 7.20% and a return on equity of 12.50%. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $11.14 billion. During the same quarter in the previous year, the firm earned $6.11 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Sell-side analysts predict that The Allstate Co. will post 9.14 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Friday, June 3rd will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $3.40 annualized dividend and a yield of 2.63%. Allstate’s payout ratio is presently 28.48%.

In other news, CEO Thomas J. Wilson sold 142,000 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $133.39, for a total value of $18,941,380.00. Following the completion of the sale, the chief executive officer now directly owns 99,828 shares in the company, valued at approximately $13,316,056.92. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.77% of the company’s stock.

About Allstate (Get Rating)

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home and stand-alone scheduled personal property; and commercial lines products under the Allstate and Encompass brand names.

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Institutional Ownership by Quarter for Allstate (NYSE:ALL)

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