CenterBook Partners LP Makes New $1.57 Million Investment in The Allstate Corporation $ALL

Key Points

• CenterBook Partners LP disclosed a new fourth-quarter stake in Allstate, buying 7,527 shares valued at about $1.57 million.
• Institutional interest in Allstate remains high, with hedge funds and other institutions owning 76.47% of the company. Several large investors also significantly increased or initiated positions during the quarter.
• Allstate reported better-than-expected earnings for the latest quarter, with EPS of $10.65 versus a $7.31 estimate, and it also announced a quarterly dividend of $1.08 per share to be paid on July 1.

CenterBook Partners LP bought a new stake in The Allstate Corporation (NYSE:ALL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,527 shares of the insurance provider's stock, valued at approximately $1,567,000.

A number of other large investors have also recently bought and sold shares of ALL. Norges Bank acquired a new stake in shares of Allstate in the fourth quarter worth $531,294,000. Robeco Institutional Asset Management B.V. increased its stake in shares of Allstate by 1,766.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider's stock worth $180,911,000 after acquiring an additional 822,583 shares during the period. Woodline Partners LP acquired a new stake in shares of Allstate in the third quarter worth $148,641,000. AustralianSuper Pty Ltd increased its stake in shares of Allstate by 80.6% in the fourth quarter. AustralianSuper Pty Ltd now owns 1,220,984 shares of the insurance provider's stock worth $254,148,000 after acquiring an additional 544,874 shares during the period. Finally, LSV Asset Management increased its stake in shares of Allstate by 542.3% in the fourth quarter. LSV Asset Management now owns 631,005 shares of the insurance provider's stock worth $131,344,000 after acquiring an additional 532,770 shares during the period. Hedge funds and other institutional investors own 76.47% of the company's stock.

Insider Activity

In other news, Director Andrea Redmond sold 2,225 shares of the stock in a transaction that occurred on 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 owned 2,225 shares in the company, valued at $451,474.75. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer owned 82,227 shares in the company, valued at $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. Insiders have sold 22,353 shares of company stock worth $4,851,560 in the last quarter. Corporate insiders own 1.55% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ALL shares. Keefe, Bruyette & Woods lowered shares of Allstate from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $266.00 to $242.00 in a research note on Monday. Barclays increased their price objective on shares of Allstate from $207.00 to $208.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 8th. Piper Sandler reiterated an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Wells Fargo & Company increased their price objective on shares of Allstate from $229.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $231.00 price objective on shares of Allstate in a research report on Thursday, March 5th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $240.33.

Allstate Trading Up 0.9%

Allstate stock opened at $216.95 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $227.62. The stock's 50 day simple moving average is $213.75 and its two-hundred day simple moving average is $208.73. The firm has a market cap of $55.85 billion, a PE ratio of 4.79, a P/E/G ratio of 0.38 and a beta of 0.18.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, topping 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 business had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the prior year, the firm posted $3.53 EPS. The business's quarterly revenue was up 3.0% compared to the same quarter last year. Analysts anticipate that The Allstate Corporation will post 29.43 earnings per share for the current year.

Allstate Announces Dividend

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