Corebridge Financial Inc. Sells 1,834 Shares of The Allstate Corporation $ALL

Key Points

• Corebridge Financial Inc. has reduced its stake in The Allstate Corporation by 2.9%, selling 1,834 shares and holding a total of 61,324 shares valued at $12.7 million.
• Several institutional investors are adjusting their stakes in Allstate, with ownership among them accounting for 76.47% of the stock.
• Allstate's most recent earnings showed an EPS of $5.94, significantly exceeding analysts' expectations, despite revenues falling short of estimates.

Corebridge Financial Inc. trimmed its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,324 shares of the insurance provider's stock after selling 1,834 shares during the period. Corebridge Financial Inc.'s holdings in Allstate were worth $12,698,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Rehmann Capital Advisory Group grew its position in Allstate by 3.2% in the first quarter. Rehmann Capital Advisory Group now owns 1,630 shares of the insurance provider's stock worth $338,000 after acquiring an additional 51 shares in the last quarter. Vantage Point Financial LLC grew its position in Allstate by 3.6% in the first quarter. Vantage Point Financial LLC now owns 1,495 shares of the insurance provider's stock worth $310,000 after acquiring an additional 52 shares in the last quarter. Confluence Wealth Services Inc. grew its position in Allstate by 0.7% in the first quarter. Confluence Wealth Services Inc. now owns 8,000 shares of the insurance provider's stock worth $1,558,000 after acquiring an additional 54 shares in the last quarter. Linscomb Wealth Inc. grew its position in Allstate by 1.3% in the first quarter. Linscomb Wealth Inc. now owns 4,079 shares of the insurance provider's stock worth $845,000 after acquiring an additional 54 shares in the last quarter. Finally, Achmea Investment Management B.V. boosted its holdings in shares of Allstate by 0.3% during the 1st quarter. Achmea Investment Management B.V. now owns 20,586 shares of the insurance provider's stock worth $4,262,000 after buying an additional 57 shares during the period. 76.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ALL has been the subject of several recent analyst reports. Cantor Fitzgerald raised shares of Allstate to a "hold" rating in a report on Wednesday, August 13th. Barclays reaffirmed an "underweight" rating and set a $198.00 price objective (up from $188.00) on shares of Allstate in a report on Thursday, July 31st. Keefe, Bruyette & Woods upped their price objective on shares of Allstate from $237.00 to $246.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. UBS Group upped 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. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $260.00 price objective (up from $250.00) on shares of Allstate in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $230.73.

Allstate Price Performance

NYSE:ALL opened at $202.97 on Wednesday. The stock has a market cap of $53.49 billion, a P/E ratio of 9.54, a PEG ratio of 0.82 and a beta of 0.35. The Allstate Corporation has a one year low of $176.00 and a one year high of $214.76. The company has a fifty day moving average price of $199.31 and a 200 day moving average price of $199.21. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

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

Allstate Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, August 29th will be paid a $1.00 dividend. The ex-dividend date is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. Allstate's dividend payout ratio 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.

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