Fifth Third Bancorp Boosts Stock Holdings in The Allstate Corporation $ALL

Fifth Third Bancorp increased its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 439.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,337 shares of the insurance provider's stock after buying an additional 62,188 shares during the period. Fifth Third Bancorp's holdings in Allstate were worth $15,828,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. raised its position in shares of Allstate by 0.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider's stock worth $1,625,000 after acquiring an additional 50 shares during the period. Compound Planning Inc. grew its position in shares of Allstate by 1.6% during the 4th quarter. Compound Planning Inc. now owns 3,216 shares of the insurance provider's stock valued at $669,000 after acquiring an additional 50 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of Allstate by 0.9% during 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 during the period. Root Financial Partners LLC increased its stake in shares of Allstate by 4.7% in the 1st quarter. Root Financial Partners LLC now owns 1,170 shares of the insurance provider's stock valued at $243,000 after purchasing an additional 53 shares in the last quarter. Finally, Montag A & Associates Inc. increased its stake in shares of Allstate by 10.2% in the 4th quarter. Montag A & Associates Inc. now owns 596 shares of the insurance provider's stock valued at $125,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Insider Buying and Selling

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the sale, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. This represents a 5.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. This trade represents a 18.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 22,353 shares of company stock worth $4,851,560. 1.55% of the stock is owned by insiders.

Allstate Stock Down 2.4%

Shares of ALL opened at $250.19 on Wednesday. The stock has a 50 day moving average price of $225.57 and a 200 day moving average price of $213.66. The Allstate Corporation has a one year low of $188.08 and a one year high of $257.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market capitalization of $64.41 billion, a price-to-earnings ratio of 5.52, a PEG ratio of 0.45 and a beta of 0.16.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter last year, the firm posted $3.53 EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. Equities research analysts forecast that The Allstate Corporation will post 29.99 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's dividend payout ratio (DPR) is currently 9.53%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALL. HSBC downgraded Allstate from a "buy" rating to a "hold" rating and increased their price target for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Piper Sandler restated an "overweight" rating on shares of Allstate in a research report on Thursday, May 28th. Wells Fargo & Company upped their target price on Allstate from $229.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Raymond James Financial increased their target price on Allstate from $260.00 to $300.00 and gave the company a "strong-buy" rating in a research report on Monday, July 6th. Finally, Morgan Stanley lifted their price target on shares of Allstate from $215.00 to $240.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $249.58.

Allstate 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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