Parnassus Investments LLC Decreases Stock Position in The Allstate Corporation $ALL

Parnassus Investments LLC reduced its position in The Allstate Corporation (NYSE:ALL) by 7.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 201,460 shares of the insurance provider’s stock after selling 17,066 shares during the period. Parnassus Investments LLC’s holdings in Allstate were worth $41,934,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Caprock Group LLC purchased a new stake in Allstate during the 3rd quarter valued at $3,598,000. CIBC Bancorp USA Inc. purchased a new stake in Allstate during the 3rd quarter valued at $7,814,000. Elo Mutual Pension Insurance Co raised its stake in Allstate by 39.6% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 40,298 shares of the insurance provider’s stock valued at $8,650,000 after buying an additional 11,431 shares during the last quarter. Mezzasalma Advisors LLC raised its stake in Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider’s stock valued at $4,875,000 after buying an additional 8,837 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake 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 buying an additional 26,586 shares during the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Stock Down 1.6%

Shares of NYSE ALL opened at $219.75 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market cap of $56.57 billion, a P/E ratio of 4.85, a PEG ratio of 0.40 and a beta of 0.18. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $227.62. The firm has a 50-day simple moving average of $214.33 and a two-hundred day simple moving average of $208.85.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.31 by $3.34. The business had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $3.53 earnings per share. Research analysts anticipate that The Allstate Corporation will post 29.43 earnings per share for the current year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a $1.08 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 annualized dividend and a yield of 2.0%. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

Insiders Place Their Bets

In other news, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the sale, the director owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark Q. Prindiville sold 1,550 shares of Allstate 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 sale, 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 sold a total of 22,353 shares of company stock valued at $4,851,560 over the last 90 days. Insiders own 1.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ALL. Keefe, Bruyette & Woods lowered shares of Allstate from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $266.00 to $242.00 in a research note on Monday. The Goldman Sachs Group restated a “neutral” rating and issued a $231.00 price objective on shares of Allstate in a research note on Thursday, March 5th. Weiss Ratings upgraded Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, March 23rd. Wall Street Zen lowered Allstate from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Wells Fargo & Company upped their price objective on Allstate from $229.00 to $243.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Three 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 given a Sell rating to the company’s stock. According to MarketBeat, Allstate currently has a consensus rating of “Moderate Buy” and an average target price 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.