Burney Co. Sells 6,184 Shares of The Allstate Corporation $ALL

Key Points

• Burney Co. cut its Allstate stake by 15% in the first quarter, selling 6,184 shares and ending the period with 35,003 shares valued at about $7.26 million.
• Allstate reported strong quarterly results, with EPS of $10.65 versus the $7.31 estimate and revenue of $16.94 billion, both ahead of analyst expectations.
• Analysts remain generally upbeat on ALL, with a consensus rating of “Moderate Buy” and an average price target of $245.26, while the stock recently traded near $248.46 and paid a quarterly dividend of $1.08.

Burney Co. reduced its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 15.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,003 shares of the insurance provider's stock after selling 6,184 shares during the quarter. Burney Co.'s holdings in Allstate were worth $7,258,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. South Plains Financial Inc. raised its position in shares of Allstate by 41.5% during the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider's stock valued at $36,000 after buying an additional 49 shares during the last quarter. Coldstream Capital Management Inc. grew its position in Allstate by 0.6% during the fourth quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider's stock worth $1,625,000 after buying an additional 50 shares in the last quarter. Compound Planning Inc. grew its position in Allstate by 1.6% during the fourth quarter. Compound Planning Inc. now owns 3,216 shares of the insurance provider's stock worth $669,000 after buying an additional 50 shares in the last quarter. Humankind Investments LLC increased its stake in Allstate by 4.5% during the third quarter. Humankind Investments LLC now owns 1,191 shares of the insurance provider's stock valued at $256,000 after acquiring an additional 51 shares during the period. Finally, Cullen Frost Bankers Inc. raised its holdings in Allstate by 0.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider's stock valued at $1,210,000 after acquiring an additional 52 shares in the last quarter. 76.47% of the stock is owned by institutional investors.

Insider Buying and Selling at Allstate

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

Wall Street Analyst Weigh In

A number of analysts have commented on ALL shares. Citigroup raised their price objective on Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Raymond James Financial upped their target price on Allstate from $260.00 to $300.00 and gave the company a "strong-buy" rating in a research note on Monday. Morgan Stanley upped their target price on Allstate from $215.00 to $240.00 and gave the company an "equal weight" rating in a research note on Monday. Piper Sandler reaffirmed an "overweight" rating on shares of Allstate in a research report on Thursday, May 28th. Finally, Wall Street Zen upgraded shares of Allstate from a "hold" rating to a "buy" rating in a research note on Saturday. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Allstate has an average rating of "Moderate Buy" and a consensus price target of $245.26.

Allstate Stock Down 0.7%

Shares of ALL opened at $248.46 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $220.59 and a two-hundred day moving average price of $211.53. The stock has a market cap of $63.96 billion, a price-to-earnings ratio of 5.48, a P/E/G ratio of 0.44 and a beta of 0.16. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $250.38.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same period in the prior year, the company posted $3.53 EPS. The company's revenue was up 3.0% compared to the same quarter last year. Equities analysts predict that The Allstate Corporation will post 29.75 EPS for the current fiscal year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were paid a $1.08 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $4.32 annualized dividend and a yield of 1.7%. Allstate's payout ratio is currently 9.53%.

Allstate Company 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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