First Citizens Bank & Trust Co. Acquires 6,218 Shares of The Allstate Corporation $ALL

Key Points

• First Citizens Bank & Trust Co. increased its stake in The Allstate Corporation by 10.8% in Q2, acquiring an additional 6,218 shares, bringing its total holdings to 63,717 shares valued at $12.8 million.
• Multiple hedge funds have significantly increased their investments in Allstate, with Price T Rowe Associates raising its stake by 25.4% and Boston Partners by 613.9% during the first quarter.
• Wall Street analysts have responded positively, with several raising their price targets for Allstate, including JPMorgan Chase & Co. which increased its target from $235.00 to $254.00, citing a strong overall outlook for the stock.

First Citizens Bank & Trust Co. increased its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 10.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 63,717 shares of the insurance provider's stock after acquiring an additional 6,218 shares during the period. First Citizens Bank & Trust Co.'s holdings in Allstate were worth $12,827,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in Allstate by 25.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,709,610 shares of the insurance provider's stock worth $2,424,710,000 after buying an additional 2,374,684 shares in the last quarter. Boston Partners lifted its stake in shares of Allstate by 613.9% during the first quarter. Boston Partners now owns 2,482,654 shares of the insurance provider's stock worth $512,627,000 after buying an additional 2,134,893 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Allstate by 27.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,328,070 shares of the insurance provider's stock valued at $482,073,000 after acquiring an additional 497,982 shares during the period. Strs Ohio purchased a new position in Allstate in the 1st quarter worth $84,408,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Allstate by 20.3% during the first quarter. AQR Capital Management LLC now owns 2,018,403 shares of the insurance provider's stock worth $417,244,000 after purchasing an additional 340,150 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ALL has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lifted their price target on Allstate from $237.00 to $246.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Allstate from $235.00 to $254.00 and gave the company an "overweight" rating in a research report on Thursday, October 9th. Morgan Stanley raised their price target on shares of Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. UBS Group increased their target price on Allstate from $235.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $260.00 price objective (up from $250.00) on shares of Allstate in a research note on Monday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $234.60.

Allstate Trading Up 0.5%

NYSE ALL opened at $194.63 on Thursday. The firm has a 50 day moving average of $204.82 and a two-hundred day moving average of $200.79. The Allstate Corporation has a 52 week low of $176.00 and a 52 week high of $215.70. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $51.29 billion, a PE ratio of 9.15, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, beating analysts' consensus estimates 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 company's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.61 earnings per share. As a group, research analysts expect that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

About Allstate

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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