HB Wealth Management LLC Increases Holdings in The Allstate Corporation $ALL

Key Points

• HB Wealth Management boosted its stake in Allstate by 141.8% in the first quarter, ending with 37,140 shares valued at about $7.7 million.
• Analyst sentiment on Allstate is mixed but leans positive: the stock carries a Moderate Buy consensus with a target price of $240.33, though some firms recently cut ratings or price targets.
• Allstate reported strong quarterly earnings, posting $10.65 EPS versus expectations of $7.31, while also paying a quarterly dividend of $1.08 per share for a 1.7% yield.

HB Wealth Management LLC raised its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 141.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,140 shares of the insurance provider's stock after acquiring an additional 21,778 shares during the quarter. HB Wealth Management LLC's holdings in Allstate were worth $7,701,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ALL. MV Capital Management Inc. purchased a new position in Allstate in the fourth quarter valued at approximately $25,000. Dorato Capital Management acquired a new position in shares of Allstate in the 4th quarter valued at $27,000. Navalign LLC acquired a new position in shares of Allstate in the 4th quarter valued at $27,000. Princeton Global Asset Management LLC grew its position in shares of Allstate by 101.3% in the 4th quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider's stock valued at $31,000 after buying an additional 76 shares during the last quarter. Finally, Palisade Asset Management LLC acquired a new stake in Allstate during the 3rd quarter worth $31,000. Institutional investors and hedge funds own 76.47% of the company's stock.

Analyst Upgrades and Downgrades

ALL has been the subject of a number of research reports. Mizuho reduced their price target on shares of Allstate from $281.00 to $265.00 and set an "outperform" rating for the company in a research report on Friday, March 20th. Piper Sandler reiterated an "overweight" rating on shares of Allstate in a research report on Thursday, May 28th. Keefe, Bruyette & Woods downgraded Allstate from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $266.00 to $242.00 in a report on Monday, June 8th. Zacks Research cut Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research note on Saturday. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $240.33.

Insider Transactions at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the transaction, the insider directly owned 27,558 shares of the company's stock, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the company'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 transaction, the director owned 2,225 shares of the company's stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,353 shares of company stock worth $4,851,560 over the last 90 days. 1.55% of the stock is currently owned by insiders.

Allstate Stock Performance

NYSE ALL opened at $249.84 on Friday. The firm has a market cap of $64.31 billion, a P/E ratio of 5.51, a P/E/G ratio of 0.44 and a beta of 0.16. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $250.38. The business's 50-day moving average price is $220.59 and its 200 day moving average price is $211.53. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating 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 firm had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $15.24 billion. During the same period in the prior year, the business earned $3.53 EPS. The firm's revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts expect that The Allstate Corporation will post 29.75 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, June 1st. Allstate's dividend payout ratio is 9.53%.

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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