Citigroup Inc. Increases Stake in The Allstate Corporation (NYSE:ALL)

Key Points

• Citigroup Inc. increased its holdings in The Allstate Corporation by 79.4%, acquiring 143,647 shares, bringing its total ownership to approximately 324,622 shares, valued at $67.2 million.
• Several analysts have upgraded Allstate's stock, with Wall Street Zen changing its rating from "hold" to "buy", while UBS Group raised the price target from $230 to $235.
• Allstate announced a quarterly dividend of $1.00 per share, which will be paid on October 1st, resulting in an annualized dividend yield of 1.9%.

Citigroup Inc. increased its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 79.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 324,622 shares of the insurance provider's stock after buying an additional 143,647 shares during the quarter. Citigroup Inc. owned 0.12% of Allstate worth $67,219,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ALL. Hughes Financial Services LLC bought a new position in Allstate during the first quarter valued at about $28,000. Kapitalo Investimentos Ltda bought a new position in shares of Allstate during the 4th quarter valued at approximately $29,000. Meeder Asset Management Inc. grew its position in shares of Allstate by 113.8% during the 1st quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 99 shares during the period. McClarren Financial Advisors Inc. bought a new position in shares of Allstate during the 1st quarter valued at approximately $43,000. Finally, Mattson Financial Services LLC bought a new position in Allstate during the fourth quarter valued at $44,000. Institutional investors own 76.47% of the company's stock.

Analyst Ratings Changes

ALL has been the subject of several research reports. BMO Capital Markets reissued an "outperform" rating on shares of Allstate in a report on Friday, May 16th. Wall Street Zen raised shares of Allstate from a "hold" rating to a "buy" rating in a report on Tuesday, August 5th. UBS Group raised their price objective on shares of Allstate from $230.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Barclays reaffirmed an "underweight" rating and issued a $198.00 price target (up from $188.00) on shares of Allstate in a report on Thursday, July 31st. Finally, Cantor Fitzgerald upgraded Allstate to a "hold" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $227.50.

Allstate Price Performance

ALL stock traded down $0.23 during mid-day trading on Thursday, hitting $208.59. 879,320 shares of the stock were exchanged, compared to its average volume of 1,636,070. The stock has a market capitalization of $54.96 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 0.87 and a beta of 0.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The Allstate Corporation has a 12 month low of $176.00 and a 12 month high of $213.18. The business has a fifty day moving average price of $198.18 and a 200 day moving average price of $198.33.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. The company had revenue of $15.05 billion for the quarter, compared to analysts' expectations of $16.59 billion. Allstate had a return on equity of 28.74% and a net margin of 8.79%. Allstate's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the firm posted $1.61 EPS. On average, sell-side analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 29th. Allstate's dividend payout ratio (DPR) is currently 18.81%.

Allstate Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.