Comerica Bank Sells 7,856 Shares of The Allstate Co. (NYSE:ALL)

Comerica Bank reduced its holdings in The Allstate Co. (NYSE:ALL) by 9.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 79,265 shares of the insurance provider’s stock after selling 7,856 shares during the quarter. Comerica Bank’s holdings in Allstate were worth $13,714,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ALL. Confluence Wealth Services Inc. grew its holdings in Allstate by 0.9% in the first quarter. Confluence Wealth Services Inc. now owns 7,547 shares of the insurance provider’s stock worth $1,306,000 after purchasing an additional 65 shares during the period. Brighton Jones LLC increased its position in Allstate by 1.9% in the 4th quarter. Brighton Jones LLC now owns 3,862 shares of the insurance provider’s stock valued at $541,000 after buying an additional 71 shares in the last quarter. SVB Wealth LLC raised its stake in Allstate by 1.2% during the 4th quarter. SVB Wealth LLC now owns 6,169 shares of the insurance provider’s stock worth $864,000 after buying an additional 72 shares during the period. St. Johns Investment Management Company LLC boosted its holdings in Allstate by 2.2% in the fourth quarter. St. Johns Investment Management Company LLC now owns 3,955 shares of the insurance provider’s stock worth $554,000 after acquiring an additional 85 shares in the last quarter. Finally, Legacy Financial Advisors Inc. increased its holdings in shares of Allstate by 2.8% during the fourth quarter. Legacy Financial Advisors Inc. now owns 3,367 shares of the insurance provider’s stock valued at $471,000 after acquiring an additional 91 shares in the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Price Performance

Shares of ALL traded up $4.03 during mid-day trading on Thursday, reaching $175.15. 1,479,760 shares of the stock traded hands, compared to its average volume of 1,564,969. The company has a market cap of $46.23 billion, a price-to-earnings ratio of 37.78, a price-to-earnings-growth ratio of 1.82 and a beta of 0.48. The Allstate Co. has a 1 year low of $104.29 and a 1 year high of $180.87. The firm has a fifty day moving average price of $164.17 and a 200 day moving average price of $163.89. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $1.28. Allstate had a net margin of 2.31% and a return on equity of 14.44%. The firm had revenue of $15.71 billion for the quarter, compared to analyst estimates of $14.04 billion. During the same quarter in the prior year, the firm earned ($4.42) EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities research analysts predict that The Allstate Co. will post 13.64 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, August 30th will be given a dividend of $0.92 per share. The ex-dividend date is Friday, August 30th. This represents a $3.68 annualized dividend and a yield of 2.10%. Allstate’s payout ratio is 81.24%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. BMO Capital Markets raised shares of Allstate from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $190.00 to $191.00 in a research report on Thursday, July 18th. Wells Fargo & Company boosted their target price on shares of Allstate from $146.00 to $153.00 and gave the stock an “underweight” rating in a research report on Friday, May 10th. Evercore ISI raised their price target on shares of Allstate from $166.00 to $173.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Morgan Stanley decreased their price objective on Allstate from $205.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. raised their target price on Allstate from $193.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.24.

Insider Activity at Allstate

In other Allstate news, insider Suren Gupta sold 45,775 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $177.28, for a total transaction of $8,114,992.00. Following the transaction, the insider now directly owns 89,930 shares of the company’s stock, valued at approximately $15,942,790.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by company insiders.

Allstate Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.