Hsbc Holdings PLC Buys 85,808 Shares of The Allstate Corporation $ALL

Key Points

• HSBC Holdings PLC increased its stake in Allstate by 8.1% in the fourth quarter, buying 85,808 additional shares and bringing its total holding to 1,141,943 shares valued at about $238.2 million.
• Allstate posted strong quarterly results, reporting EPS of $10.65 versus the $7.31 estimate and revenue of $16.94 billion, both ahead of expectations. The company also raised investor attention with a quarterly dividend of $1.08 per share, or $4.32 annualized.
• Analysts remain mixed on the stock, with a consensus rating of “Moderate Buy” and an average price target of $240.33. Meanwhile, insiders have recently sold shares, including COO Mario Rizzo and insider Mark Q. Prindiville.

Hsbc Holdings PLC boosted its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 8.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,141,943 shares of the insurance provider's stock after acquiring an additional 85,808 shares during the quarter. Hsbc Holdings PLC owned 0.44% of Allstate worth $238,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. MV Capital Management Inc. bought a new stake in Allstate in the fourth quarter valued at approximately $25,000. Dorato Capital Management bought a new position in shares of Allstate in the fourth quarter worth approximately $27,000. Navalign LLC purchased a new position in shares of Allstate in the fourth quarter worth $27,000. Princeton Global Asset Management LLC raised its holdings in Allstate by 101.3% during 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 bought a new stake in Allstate during the 3rd quarter valued at $31,000. 76.47% of the stock is currently owned by institutional investors.

Allstate Trading Up 2.8%

NYSE:ALL opened at $249.84 on Friday. The company has a 50-day moving average price of $219.88 and a 200-day moving average price of $211.27. The stock has a market cap of $64.31 billion, a price-to-earnings ratio of 5.51, a P/E/G ratio of 0.43 and a beta of 0.16. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $250.38.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company had revenue of $16.94 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same quarter in the previous year, the company earned $3.53 earnings per share. Allstate's quarterly revenue was up 3.0% on a year-over-year basis. Equities analysts predict that The Allstate Corporation will post 29.75 EPS for the current year.

Allstate Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ALL shares. Citigroup raised their price target on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Wall Street Zen downgraded shares of Allstate from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Zacks Research lowered shares of Allstate from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 7th. Barclays boosted their price target on Allstate from $207.00 to $208.00 and gave the company an "underweight" rating in a report on Wednesday, April 8th. Finally, Keefe, Bruyette & Woods lowered Allstate from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $266.00 to $242.00 in a research report on Monday, June 8th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Allstate presently has a consensus rating of "Moderate Buy" and a consensus target price of $240.33.

Insiders Place Their Bets

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

Allstate Company 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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