Manhattan West Asset Management LLC Purchases New Position in The Allstate Co. (NYSE:ALL)

Manhattan West Asset Management LLC purchased a new stake in The Allstate Co. (NYSE:ALL) during the first quarter, according to its most recent filing with the SEC. The firm purchased 1,987 shares of the insurance provider’s stock, valued at approximately $344,000.

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp increased its stake in Allstate by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 5,112,468 shares of the insurance provider’s stock worth $884,508,000 after purchasing an additional 90,390 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Allstate by 0.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,629,870 shares of the insurance provider’s stock worth $508,109,000 after purchasing an additional 27,766 shares in the last quarter. Norges Bank bought a new stake in Allstate during the 4th quarter worth approximately $212,771,000. Russell Investments Group Ltd. increased its stake in Allstate by 11.8% during the 1st quarter. Russell Investments Group Ltd. now owns 716,757 shares of the insurance provider’s stock worth $123,574,000 after purchasing an additional 75,698 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Allstate by 1.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 687,386 shares of the insurance provider’s stock worth $118,925,000 after purchasing an additional 6,760 shares in the last quarter. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Allstate

In other news, insider Suren Gupta sold 45,775 shares of Allstate stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $177.28, for a total transaction of $8,114,992.00. Following the completion of the sale, the insider now owns 89,930 shares of the company’s stock, valued at $15,942,790.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Allstate Stock Performance

Allstate stock traded up $3.77 during mid-day trading on Friday, hitting $169.17. 1,913,727 shares of the company’s stock traded hands, compared to its average volume of 1,331,798. The firm has a 50 day simple moving average of $163.94 and a two-hundred day simple moving average of $163.55. The Allstate Co. has a fifty-two week low of $104.29 and a fifty-two week high of $179.93. The stock has a market cap of $44.65 billion, a price-to-earnings ratio of 37.34, a P/E/G ratio of 1.77 and a beta of 0.48. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.36 and a quick ratio of 0.36.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $5.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.11 by $1.02. Allstate had a return on equity of 14.44% and a net margin of 2.31%. The business had revenue of $15.26 billion during the quarter, compared to the consensus estimate of $12.76 billion. During the same quarter last year, the firm posted ($1.30) EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, research analysts expect that The Allstate Co. will post 13.64 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Friday, August 30th. Allstate’s dividend payout ratio is currently 81.24%.

Analyst Ratings Changes

A number of research firms recently issued reports on ALL. Wells Fargo & Company increased their target price on Allstate from $146.00 to $153.00 and gave the stock an “underweight” rating in a research note on Friday, May 10th. The Goldman Sachs Group raised their price target on shares of Allstate from $197.00 to $199.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. BMO Capital Markets raised shares of Allstate from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $190.00 to $191.00 in a research note on Thursday, July 18th. Evercore ISI raised their price target on shares of Allstate from $166.00 to $173.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Allstate from $193.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Allstate presently has an average rating of “Moderate Buy” and a consensus price target of $178.06.

About Allstate

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.