CIBC Asset Management Inc Purchases 25,764 Shares of The Allstate Corporation $ALL

Key Points

• CIBC Asset Management boosted its stake in Allstate by 69.2% in the fourth quarter, buying 25,764 additional shares and bringing its total holdings to 63,011 shares valued at about $13.1 million.
• Allstate reported strong quarterly earnings, posting $10.65 EPS versus the $7.31 consensus estimate and revenue of $16.94 billion, both ahead of expectations.
• The company announced a quarterly dividend of $1.08 per share, payable July 1, while analysts currently rate the stock a consensus “Moderate Buy” with an average price target of $241.67.

CIBC Asset Management Inc increased its position in The Allstate Corporation (NYSE:ALL - Free Report) by 69.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,011 shares of the insurance provider's stock after buying an additional 25,764 shares during the quarter. CIBC Asset Management Inc's holdings in Allstate were worth $13,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Dorato Capital Management acquired a new position in Allstate in the 4th quarter valued at approximately $27,000. Navalign LLC acquired a new position in shares of Allstate during the fourth quarter worth $27,000. Princeton Global Asset Management LLC lifted its holdings 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 purchasing an additional 76 shares during the period. Palisade Asset Management LLC bought a new stake in shares of Allstate in the third quarter worth $31,000. Finally, South Plains Financial Inc. increased its holdings in Allstate by 41.5% in the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 49 shares during the period. Institutional investors own 76.47% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on ALL shares. Barclays raised their target price on Allstate from $207.00 to $208.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 8th. Weiss Ratings upgraded Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, March 23rd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $231.00 price objective on shares of Allstate in a research note on Thursday, March 5th. Keefe, Bruyette & Woods upped their target price on Allstate from $260.00 to $266.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $220.00 target price on shares of Allstate in a research report on Thursday, February 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $241.67.

Allstate Stock Performance

ALL stock opened at $210.73 on Friday. The firm has a market cap of $54.25 billion, a PE ratio of 4.65, a price-to-earnings-growth ratio of 0.37 and a beta of 0.18. 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 stock has a 50-day moving average price of $212.98 and a 200-day moving average price of $208.57. 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 earnings results 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 during the quarter, compared to analysts' expectations of $15.24 billion. During the same quarter last year, the firm posted $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 expect that The Allstate Corporation will post 29.43 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Monday, June 1st. Allstate's dividend payout ratio is presently 9.53%.

Insider Transactions at Allstate

In related news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction on 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. This represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the firm's stock in a transaction 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 completion of the sale, the director 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 SEC filing for this sale provides additional information. Insiders sold a total of 22,353 shares of company stock valued at $4,851,560 in the last quarter. 1.55% of the stock is currently owned by company insiders.

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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