Midwest Trust Co Acquires 6,809 Shares of The Allstate Corporation $ALL

Key Points

• Midwest Trust Co increased its Allstate stake by 7.1% in the first quarter, buying 6,809 additional shares and bringing its total to 102,379 shares valued at about $21.2 million.
• Insider selling has been notable recently, with executives and directors including Mark Q. Prindiville and Andrea Redmond reducing their holdings; insiders sold 22,353 shares over the last three months.
• Allstate remains well watched by analysts, with a consensus rating of “Moderate Buy” and an average price target of $248.26, while the company also recently posted strong quarterly earnings that beat expectations.

Midwest Trust Co raised its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 7.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 102,379 shares of the insurance provider's stock after purchasing an additional 6,809 shares during the period. Midwest Trust Co's holdings in Allstate were worth $21,227,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. CIBC Bancorp USA Inc. purchased a new stake in shares of Allstate during the third quarter valued at $7,814,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Allstate by 5.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock worth $112,533,000 after buying an additional 26,586 shares during the last quarter. Meyer Handelman Co. lifted its stake in Allstate by 4.8% during the 4th quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider's stock valued at $43,043,000 after acquiring an additional 9,438 shares during the period. Mezzasalma Advisors LLC boosted its holdings in shares of Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider's stock valued at $4,875,000 after acquiring an additional 8,837 shares during the last quarter. Finally, AIA Group Ltd boosted its holdings in shares of Allstate by 479.8% during the 3rd quarter. AIA Group Ltd now owns 13,190 shares of the insurance provider's stock valued at $2,831,000 after acquiring an additional 10,915 shares during the last quarter. 76.47% of the stock is owned by institutional investors.

Insider Activity at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was 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 $5,959,968.66. This represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at $451,474.75. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 22,353 shares of company stock worth $4,851,560. Corporate insiders own 1.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup boosted their price objective on shares of Allstate from $221.00 to $226.00 and gave the company a "neutral" rating in a report on Friday, May 1st. Evercore set a $240.00 target price on shares of Allstate in a research report on Friday. Weiss Ratings reiterated a "buy (a-)" rating on shares of Allstate in a research note on Thursday, June 18th. Wall Street Zen cut Allstate from a "buy" rating to a "hold" rating in a report on Sunday. Finally, Keefe, Bruyette & Woods raised their price target on Allstate from $242.00 to $255.00 and gave the stock a "market perform" rating in a research note on Wednesday. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $248.26.

Allstate News Roundup

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Mizuho raised its price target on Allstate to $272 from $255 and kept an outperform rating, signaling confidence that the stock still has upside from recent levels.
• Positive Sentiment: Several recent articles argued that Allstate looks undervalued after earnings and may benefit from a relatively favorable catastrophe year, which could help underwriting results and profits.
• Neutral Sentiment: Allstate declared a quarterly dividend of $1.08 per share, reinforcing shareholder returns but not necessarily changing the near-term trading story.
• Neutral Sentiment: Comparative coverage versus Progressive and other insurance peers kept attention on Allstate’s valuation, but this was more of a relative-stock discussion than a direct catalyst.
• Negative Sentiment: Oklahoma Attorney General Gentner Drummond sued Allstate, alleging the insurer defrauded customers, adding a fresh legal overhang that could raise compliance and settlement concerns. Article Title
• Negative Sentiment: Allstate also drew attention after accusing Broadcom of auditing it because it ended its VMware/CA relationship, another sign of ongoing legal or contractual friction. Article Title

Allstate Stock Performance

NYSE ALL traded up $3.00 during trading hours on Friday, hitting $251.64. 1,041,559 shares of the company's stock traded hands, compared to its average volume of 1,803,435. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $257.67. The firm has a market capitalization of $64.78 billion, a P/E ratio of 5.55, a P/E/G ratio of 0.44 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 business's fifty day moving average price is $224.15 and its two-hundred day moving average price is $213.01.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping the consensus estimate of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the firm earned $3.53 earnings per share. Equities research analysts predict that The Allstate Corporation will post 29.99 EPS for the current year.

Allstate Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a 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%.

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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