Allspring Global Investments Holdings LLC Has $37.84 Million Stock Position in The Allstate Corporation $ALL

Key Points

• Allspring Global Investments Holdings LLC boosted its Allstate stake by 8.3% in the first quarter, ending with 185,400 shares valued at about $37.84 million.
• Allstate reported a strong quarterly beat, posting $10.65 EPS versus the $7.31 estimate and revenue of $16.94 billion, both above expectations.
• The company announced a quarterly dividend of $1.08 per share, payable October 1, for an annualized yield of 1.7%; analysts currently rate the stock Moderate Buy with a consensus target of $254.80.

Allspring Global Investments Holdings LLC increased its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 185,400 shares of the insurance provider's stock after buying an additional 14,227 shares during the period. Allspring Global Investments Holdings LLC owned 0.07% of Allstate worth $37,840,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Allstate by 5.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock valued at $112,533,000 after acquiring an additional 26,586 shares during the last quarter. Mezzasalma Advisors LLC increased its holdings in Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider's stock valued at $4,875,000 after purchasing an additional 8,837 shares in the last quarter. Meyer Handelman Co. increased its holdings in Allstate by 4.8% during the 4th quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider's stock valued at $43,043,000 after purchasing an additional 9,438 shares in the last quarter. OFI Invest Asset Management bought a new position in Allstate in the 4th quarter valued at $23,074,000. Finally, Strategic Global Advisors LLC raised its position in Allstate by 19.2% in the 4th quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider's stock valued at $10,175,000 after purchasing an additional 7,870 shares during the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Stock Down 0.0%

NYSE ALL opened at $249.84 on Monday. The stock has a fifty day moving average of $227.29 and a 200-day moving average of $214.40. The stock has a market capitalization of $64.31 billion, a P/E ratio of 5.51, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $257.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.53 earnings per share. On average, equities research analysts forecast that The Allstate Corporation will post 30.4 EPS for the current year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's payout ratio is currently 9.53%.

Wall Street Analysts Forecast Growth

ALL has been the topic of several research analyst reports. Evercore set a $240.00 target price on Allstate in a report on Friday, July 10th. Wall Street Zen raised Allstate from a "hold" rating to a "buy" rating in a report on Monday. Raymond James Financial upped their price target on shares of Allstate from $260.00 to $300.00 and gave the stock a "strong-buy" rating in a research report on Monday, July 6th. Morgan Stanley increased their price objective on shares of Allstate from $215.00 to $240.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Allstate from $263.00 to $282.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Allstate currently has a consensus rating of "Moderate Buy" and a consensus target price of $254.80.

Insider Buying and Selling at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the transaction, the director owned 2,225 shares of the company's stock, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the sale, the chief operating officer owned 82,227 shares of the company's stock, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,353 shares of company stock worth $4,851,560. Company insiders own 1.55% of the company's stock.

Allstate Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.

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