87,200 Shares in The Allstate Corporation $ALL Purchased by Associated Banc Corp

Key Points

• Associated Banc Corp opened a new Allstate position, buying 87,200 shares valued at approximately $19.35 million in the third quarter.
• Analyst views were mixed, with a consensus Hold rating and average price target of $270.19; several firms cut their targets.
• Allstate reported quarterly EPS of $8.99, beating the $6.06 consensus, while revenue of $18.60 billion exceeded expectations and rose 11.8% year over year.

Associated Banc Corp acquired a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 87,200 shares of the insurance provider's stock, valued at approximately $19,346,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALL. BlackRock Inc. bought a new stake in Allstate during the second quarter worth $5,439,448,000. Bank of America Corp DE increased its position in Allstate by 8.1% during the 1st 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 acquired a new stake in Allstate during the 2nd quarter worth about $1,245,710,000. Deutsche Bank AG acquired a new position in Allstate in the second quarter valued at approximately $1,008,648,000. Finally, Dimensional Fund Advisors LP boosted its stake in Allstate by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider's stock worth $581,515,000 after acquiring an additional 154,259 shares in the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on ALL shares. The Goldman Sachs Group reduced their price objective on Allstate from $280.00 to $250.00 and set a "neutral" rating for the company in a research note on Thursday, October 1st. Weiss Ratings raised shares of Allstate from a "buy (a)" rating to a "buy (a+)" rating in a research report on Thursday, October 29th. Keefe, Bruyette & Woods lowered their target price on shares of Allstate from $250.00 to $232.00 and set an "underperform" rating on the stock in a report on Monday, October 12th. Wall Street Zen cut shares of Allstate from a "strong-buy" rating to a "buy" rating in a research report on Sunday, October 25th. Finally, Morgan Stanley dropped their price target on shares of Allstate from $265.00 to $240.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $270.19.

Allstate Stock Down 0.9%

Shares of NYSE ALL opened at $261.55 on Wednesday. The Allstate Corporation has a one year low of $191.13 and a one year high of $277.22. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The business's fifty day moving average price is $245.62 and its 200-day moving average price is $228.78. The stock has a market capitalization of $66.14 billion, a PE ratio of 5.85, a P/E/G ratio of 0.58 and a beta of 0.13.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business had revenue of $18.60 billion for the quarter, compared to analysts' expectations of $15.46 billion. During the same quarter in the previous year, the firm posted $5.94 EPS. The business's revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities research analysts anticipate that The Allstate Corporation will post 36.21 EPS for the current year.

Insider Buying and Selling at Allstate

In other news, insider John Dugenske sold 32,996 shares of the business'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 transaction, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of the stock in a transaction on Tuesday, August 11th. The shares were 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 directly owned 82,227 shares in the company, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by company insiders.

About Allstate

Allstate Corp. NYSE: ALL is an insurance company that provides protection products and related services primarily in the United States. Its offerings include automobile, homeowners, renters, condominium, motorcycle and other personal property and casualty insurance, distributed through agents, brokers, direct channels and digital platforms.

The company also provides roadside assistance, identity-protection services and protection plans for consumer products. Through its acquisition of National General, Allstate expanded its presence in independent-agent distribution and specialty personal insurance.

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.