Panagora Asset Management Inc. Raises Stock Holdings in The Allstate Corporation $ALL

Panagora Asset Management Inc. increased its holdings in shares of The Allstate Corporation (NYSE:ALL) by 16.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 848,222 shares of the insurance provider’s stock after acquiring an additional 117,065 shares during the quarter. Allstate makes up about 0.6% of Panagora Asset Management Inc.’s holdings, making the stock its 28th largest position. Panagora Asset Management Inc.’s holdings in Allstate were worth $176,557,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new position in Allstate in the third quarter valued at approximately $7,814,000. Elo Mutual Pension Insurance Co increased its position in Allstate by 39.6% in the third quarter. Elo Mutual Pension Insurance Co now owns 40,298 shares of the insurance provider’s stock worth $8,650,000 after buying an additional 11,431 shares during the last quarter. Mezzasalma Advisors LLC increased its position in 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 buying an additional 8,837 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake 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 valued at $112,533,000 after buying an additional 26,586 shares during the period. Finally, AIA Group Ltd raised its stake in shares of Allstate by 479.8% in the third quarter. AIA Group Ltd now owns 13,190 shares of the insurance provider’s stock valued at $2,831,000 after buying an additional 10,915 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Insider Buying and Selling

In related news, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer owned 82,227 shares of the company’s stock, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the completion of the transaction, the insider directly owned 27,558 shares of the company’s stock, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 22,353 shares of company stock valued at $4,851,560. Company insiders own 1.55% of the company’s stock.

Allstate Stock Performance

Shares of ALL opened at $221.58 on Monday. The stock’s 50-day simple moving average is $214.68 and its 200 day simple moving average is $208.92. The stock has a market capitalization of $57.04 billion, a price-to-earnings ratio of 4.89, a price-to-earnings-growth ratio of 0.40 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 $227.62.

Allstate (NYSE:ALL) last posted its 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 during the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the previous year, the firm earned $3.53 EPS. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Research analysts forecast that The Allstate Corporation will post 29.43 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 annualized dividend and a yield of 1.9%. Allstate’s payout ratio is currently 9.53%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ALL shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $231.00 price target on shares of Allstate in a research note on Thursday, March 5th. Mizuho dropped their price objective on shares of Allstate from $281.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Wall Street Zen lowered shares of Allstate from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings upgraded shares of Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, March 23rd. Finally, Wells Fargo & Company upped their price target on shares of Allstate from $229.00 to $243.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $240.33.

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.