Athena Wealth Management LLC Invests $1.11 Million in The Allstate Corporation $ALL

Key Points

• Athena Wealth Management opened a new position in Allstate during the first quarter, buying 5,378 shares valued at about $1.11 million. The stake makes Allstate 0.9% of its portfolio and its 27th-largest holding.
• Allstate reported strong quarterly earnings, posting EPS of $10.65 versus the $7.31 estimate and revenue of $16.94 billion, both above expectations. Analysts currently have a Moderate Buy consensus with a target price of $240.33.
• The company also announced a quarterly dividend of $1.08 per share, payable July 1, implying a 1.9% annualized yield. Meanwhile, insiders recently sold shares, including a sizable sale by COO Mario Rizzo.

Athena Wealth Management LLC acquired a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,378 shares of the insurance provider's stock, valued at approximately $1,115,000. Allstate accounts for approximately 0.9% of Athena Wealth Management LLC's investment portfolio, making the stock its 27th largest holding.

A number of other large investors have also bought and sold shares of the company. MV Capital Management Inc. bought a new position in Allstate in the 4th quarter worth approximately $25,000. Navalign LLC bought a new stake in Allstate during the 4th quarter valued at $27,000. Dorato Capital Management bought a new stake in Allstate during the 4th quarter valued at $27,000. Palisade Asset Management LLC purchased a new stake in shares of Allstate during the third quarter worth $31,000. Finally, Princeton Global Asset Management LLC lifted its position in shares of Allstate by 101.3% during the fourth quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider's stock worth $31,000 after acquiring an additional 76 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Allstate

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the sale, the director directly owned 2,225 shares of the company's stock, valued at $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $17,991,267.60. This trade represents a 18.43% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 22,353 shares of company stock valued at $4,851,560. Insiders own 1.55% of the company's stock.

Wall Street Analysts Forecast Growth

ALL has been the subject of several analyst reports. Weiss Ratings restated a "buy (a-)" rating on shares of Allstate in a research note on Thursday. The Goldman Sachs Group reiterated a "neutral" rating and set a $231.00 price target on shares of Allstate in a research report on Thursday, March 5th. Citigroup increased their price target on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Zacks Research lowered shares of Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, Wall Street Zen cut shares of Allstate from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Allstate has a consensus rating of "Moderate Buy" and a consensus target price of $240.33.

Allstate Stock Performance

Allstate stock opened at $222.54 on Tuesday. The Allstate Corporation has a fifty-two week low of $188.08 and a fifty-two week high of $227.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market cap of $57.29 billion, a P/E ratio of 4.91, a price-to-earnings-growth ratio of 0.39 and a beta of 0.19. The firm's fifty day moving average price is $216.11 and its 200-day moving average price is $209.32.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $15.24 billion. During the same period in the previous year, the business earned $3.53 earnings per share. The firm's quarterly revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts expect that The Allstate Corporation will post 29.55 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 annualized dividend and a dividend yield of 1.9%. Allstate's dividend payout ratio (DPR) is currently 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.

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