Moneta Group Investment Advisors LLC trimmed its holdings in shares of Allstate Corp (NYSE:ALL) by 4.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,479 shares of the insurance provider’s stock after selling 1,158 shares during the period. Moneta Group Investment Advisors LLC’s holdings in Allstate were worth $2,062,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in ALL. Great Diamond Partners LLC bought a new position in Allstate in the fourth quarter worth $117,000. UBS Group AG lifted its position in Allstate by 23.4% in the fourth quarter. UBS Group AG now owns 840,279 shares of the insurance provider’s stock worth $94,489,000 after purchasing an additional 159,327 shares during the period. Korea Investment CORP raised its stake in Allstate by 4.7% during the fourth quarter. Korea Investment CORP now owns 366,486 shares of the insurance provider’s stock worth $41,211,000 after acquiring an additional 16,400 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Allstate by 15.9% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 85,397 shares of the insurance provider’s stock worth $9,603,000 after acquiring an additional 11,706 shares in the last quarter. Finally, Bailard Inc. raised its stake in Allstate by 19.0% during the fourth quarter. Bailard Inc. now owns 74,383 shares of the insurance provider’s stock worth $8,364,000 after acquiring an additional 11,885 shares in the last quarter. 76.64% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have issued reports on ALL shares. Wells Fargo & Co reiterated a “hold” rating on shares of Allstate in a research note on Tuesday, May 26th. Piper Sandler increased their price objective on Allstate from $90.00 to $101.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Morgan Stanley increased their price objective on Allstate from $111.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Cfra dropped their price objective on Allstate from $135.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Finally, ValuEngine lowered Allstate from a “sell” rating to a “strong sell” rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $115.67.
Allstate (NYSE:ALL) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $3.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.62. The business had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.64 billion. Allstate had a return on equity of 17.53% and a net margin of 9.38%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.30 EPS. As a group, sell-side analysts predict that Allstate Corp will post 11.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, May 29th will be paid a $0.54 dividend. The ex-dividend date is Thursday, May 28th. This represents a $2.16 annualized dividend and a yield of 2.18%. Allstate’s dividend payout ratio (DPR) is presently 20.71%.
In other news, CEO Thomas J. Wilson sold 652,868 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $101.32, for a total transaction of $66,148,585.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mario Rizzo sold 6,670 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $101.39, for a total value of $676,271.30. Following the sale, the chief financial officer now owns 28,235 shares of the company’s stock, valued at $2,862,746.65. The disclosure for this sale can be found here. Insiders sold a total of 662,238 shares of company stock valued at $67,098,664 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.
The Allstate Corporation, through its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection, Service Businesses, Allstate Life, and Allstate Benefits 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 insurance; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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