California Public Employees Retirement System Cuts Stock Position in The Allstate Corporation $ALL

California Public Employees Retirement System decreased its position in The Allstate Corporation (NYSE:ALL) by 9.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 657,356 shares of the insurance provider’s stock after selling 72,194 shares during the quarter. California Public Employees Retirement System’s holdings in Allstate were worth $136,296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ALL. CIBC Bancorp USA Inc. purchased a new position in shares of Allstate in the third quarter worth about $7,814,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Allstate by 5.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock valued at $112,533,000 after acquiring an additional 26,586 shares during the period. Mezzasalma Advisors LLC grew its position in Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider’s stock worth $4,875,000 after acquiring an additional 8,837 shares during the last quarter. Meyer Handelman Co. grew its position in Allstate by 4.8% during the 4th quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider’s stock worth $43,043,000 after acquiring an additional 9,438 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in Allstate in the 4th quarter worth approximately $23,074,000. 76.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director owned 2,225 shares in the company, valued at approximately $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark Q. Prindiville sold 1,550 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider directly owned 27,558 shares of the company’s stock, valued at $5,959,968.66. This represents a 5.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,353 shares of company stock valued at $4,851,560 over the last quarter. Corporate insiders own 1.55% of the company’s stock.

Allstate Trading Up 3.3%

NYSE ALL opened at $249.84 on Friday. The firm has a market capitalization of $64.31 billion, a PE ratio of 5.51, a P/E/G ratio of 0.43 and a beta of 0.16. The stock’s 50 day moving average is $227.29 and its 200 day moving average is $214.36. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $257.67. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $15.24 billion. During the same quarter in the prior year, the company earned $3.53 earnings per share. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. Research analysts forecast that The Allstate Corporation will post 30.4 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently disclosed 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 payout ratio is presently 9.53%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ALL. Raymond James Financial increased their price objective on Allstate from $260.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Monday, July 6th. Citigroup boosted their price objective on shares of Allstate from $221.00 to $226.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Atlantic Securities set a $319.00 target price on Allstate in a report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of Allstate from $242.00 to $255.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company upped their price objective on shares of Allstate from $229.00 to $243.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Allstate presently has a consensus rating of “Moderate Buy” and a consensus price target of $254.80.

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.