14,076 The Allstate Corporation $ALL Shares Sold by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. reduced its Allstate stake by 20.6% in the third quarter, selling 14,076 shares and retaining 54,330 shares valued at approximately $12.1 million.
• Institutional investors own 76.47% of Allstate, with major firms including BlackRock, Bank of America, GQG Partners, Deutsche Bank and Dimensional Fund Advisors holding significant positions.
• Allstate reported stronger-than-expected quarterly results, with EPS of $8.99 versus a $6.06 consensus and revenue of $18.6 billion. Analyst opinions remain mixed, producing a consensus “Hold” rating and an average price target of $270.19.

First Citizens Bank & Trust Co. lowered its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 20.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,330 shares of the insurance provider's stock after selling 14,076 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Allstate were worth $12,054,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Allstate during the 2nd quarter worth $5,439,448,000. Bank of America Corp DE grew its position in shares of Allstate by 8.1% in the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider's stock valued at $1,640,748,000 after purchasing an additional 596,321 shares during the period. GQG Partners LLC purchased a new stake in shares of Allstate in the second quarter valued at $1,245,710,000. Deutsche Bank AG acquired a new position in Allstate in the second quarter valued at $1,008,648,000. Finally, Dimensional Fund Advisors LP increased its stake in Allstate by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider's stock valued at $581,515,000 after purchasing an additional 154,259 shares during the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Stock Up 1.7%

Shares of NYSE ALL opened at $236.45 on Wednesday. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22. The firm has a fifty day moving average of $248.44 and a 200-day moving average of $234.49. The stock has a market capitalization of $59.79 billion, a PE ratio of 4.72, a P/E/G ratio of 0.52 and a beta of 0.13. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The business had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%. The business's revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $5.94 EPS. On average, analysts anticipate that The Allstate Corporation will post 35.83 EPS for the current year.

Insiders Place Their Bets

In other Allstate news, insider John E. Dugenske sold 32,996 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the completion of the sale, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the transaction, the chief operating officer owned 82,227 shares in the company, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. HSBC upgraded Allstate from a "hold" rating to a "buy" rating and set a $266.00 target price on the stock in a research report on Wednesday, October 7th. UBS Group lifted their price target on Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a report on Monday, August 10th. BMO Capital Markets upped their price objective on shares of Allstate from $250.00 to $284.00 and gave the company an "outperform" rating in a research note on Thursday, August 13th. Citigroup cut their price objective on shares of Allstate from $240.00 to $215.00 and set a "sell" rating on the stock in a report on Friday, October 2nd. Finally, The Goldman Sachs Group cut their price objective on shares of Allstate from $280.00 to $250.00 and set a "neutral" rating on the stock in a report on Thursday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $270.19.

Key Allstate News

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Bank of America raised its price target for Allstate to $340 from $336 and maintained a Buy rating, implying substantial upside from recent trading levels. Bank of America raises target for Allstate stock
• Positive Sentiment: Wells Fargo upgraded Allstate to Equal Weight from Underweight, reducing a source of bearish analyst pressure even though the new rating remains neutral. Wells Fargo upgrades Allstate
• Positive Sentiment: Allstate scheduled its next quarterly results for November 4. The announcement gives investors a near-term catalyst to assess premium growth, claims trends and profitability. Allstate schedules November results
• Neutral Sentiment: Allstate shares closed at approximately $232.60 in the latest session, gaining while the overall market declined, indicating relative investor strength. Allstate ascends while market falls
• Negative Sentiment: Morgan Stanley cut its price target to $240, while Keefe, Bruyette & Woods lowered its target to $232 and assigned an Underperform rating. These calls suggest limited upside and reflect concerns about valuation or operating performance. Morgan Stanley cuts Allstate target
• Negative Sentiment: Allstate’s Protection Services revenue grew 7.8% in the second quarter, but declining earnings and rising claims costs raise questions about whether growth can translate into higher margins. Allstate Protection Services margins
• Negative Sentiment: Following Hurricane Isaias, Allstate is providing mobile claims centers and other customer support in Alabama and the Florida Keys. The response supports retention and customer service, but storm-related claims could increase catastrophe losses and pressure near-term results. Allstate supports customers after Hurricane Isaias

Allstate Company Profile

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Allstate Corporation (NYSE:ALL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.