Arrowstreet Capital Limited Partnership Boosts Holdings in The Allstate Corporation $ALL

Key Points

• Arrowstreet Capital increased its Allstate stake by 21.3% in the fourth quarter, adding 102,085 shares to reach 581,119 shares valued at about $121 million.
• Wall Street sentiment on Allstate is mixed but leans positive, with a Moderate Buy consensus and an average price target of $240.33. Analysts cited include ratings ranging from Strong Buy to Hold, with one Sell.
• Allstate posted strong quarterly results, beating expectations with $10.65 EPS versus $7.31 expected and revenue of $16.94 billion. The company also announced a quarterly dividend of $1.08 per share, or $4.32 annually.

Arrowstreet Capital Limited Partnership boosted its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 21.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 581,119 shares of the insurance provider's stock after acquiring an additional 102,085 shares during the period. Arrowstreet Capital Limited Partnership owned 0.22% of Allstate worth $120,960,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in Allstate by 3.7% during the fourth quarter. State Street Corp now owns 12,297,551 shares of the insurance provider's stock valued at $2,571,600,000 after acquiring an additional 438,034 shares during the last quarter. GQG Partners LLC raised its holdings in shares of Allstate by 36.0% in the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock worth $1,142,449,000 after buying an additional 1,452,993 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Allstate by 29.2% in the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock worth $1,042,321,000 after buying an additional 1,131,172 shares during the last quarter. Boston Partners raised its holdings in shares of Allstate by 14.9% in the third quarter. Boston Partners now owns 3,050,780 shares of the insurance provider's stock worth $654,652,000 after buying an additional 395,195 shares during the last quarter. Finally, Raymond James Financial Inc. raised its holdings in shares of Allstate by 3.3% in the second quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider's stock worth $562,388,000 after buying an additional 88,620 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen cut shares of Allstate from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $231.00 price target on shares of Allstate in a report on Thursday, March 5th. Weiss Ratings upgraded shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, March 23rd. Raymond James Financial reiterated a "strong-buy" rating and issued a $260.00 price objective on shares of Allstate in a research note on Tuesday, March 3rd. Finally, Piper Sandler reiterated an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $240.33.

Insiders Place Their Bets

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the transaction, the insider directly owned 27,558 shares of the company's stock, valued at $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, the director directly owned 2,225 shares in the company, valued at $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,353 shares of company stock valued at $4,851,560 over the last ninety days. Company insiders own 1.55% of the company's stock.

Allstate Stock Down 0.0%

NYSE:ALL opened at $221.54 on Tuesday. The firm has a market capitalization of $57.03 billion, a P/E ratio of 4.89, a PEG ratio of 0.40 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The company's fifty day moving average price is $214.97 and its 200-day moving average price is $208.98. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $227.62.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter last year, the business earned $3.53 earnings per share. The firm's revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts anticipate that The Allstate Corporation will post 29.43 EPS for the current year.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a yield of 2.0%. Allstate's payout ratio is 9.53%.

About Allstate

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.

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.