Manhattan West Asset Management LLC purchased a new stake in The Allstate Co. (NYSE:ALL – Free Report) 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 (NYSE:ALL – Get Free Report) 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.
View Our Latest Stock Analysis on Allstate
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.
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