New York State Teachers Retirement System Boosts Stock Holdings in The Allstate Corporation $ALL

Key Points

• New York State Teachers Retirement System increased its Allstate stake by 2.7% in Q1, buying 6,585 more shares and bringing its total to 250,830 shares valued at about $52 million.
• Analyst sentiment is mixed: recent rating changes included upgrades and downgrades, but the consensus remains a “Moderate Buy” with an average target price of $240.33.
• Allstate posted strong quarterly results, beating earnings and revenue estimates with $10.65 EPS and $16.94 billion in revenue, while also paying a quarterly dividend of $1.08 per share.

New York State Teachers Retirement System lifted its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 250,830 shares of the insurance provider's stock after acquiring an additional 6,585 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Allstate worth $52,007,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in shares of Allstate in the third quarter worth approximately $7,814,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Allstate by 5.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock valued at $112,533,000 after purchasing an additional 26,586 shares during the period. Mezzasalma Advisors LLC boosted its holdings in Allstate by 58.6% in the fourth quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider's stock worth $4,875,000 after purchasing an additional 8,837 shares during the last quarter. B. Metzler seel. Sohn & Co. AG boosted its holdings in Allstate by 28.9% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 50,408 shares of the insurance provider's stock worth $10,820,000 after purchasing an additional 11,297 shares during the last quarter. Finally, Meyer Handelman Co. grew its position in Allstate by 4.8% in the 4th quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider's stock worth $43,043,000 after purchasing an additional 9,438 shares during the period. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity at Allstate

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 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. 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.

Allstate Stock Down 0.2%

Shares of ALL stock opened at $249.84 on Friday. 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. The stock 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 company has a 50 day simple moving average of $220.59 and a two-hundred day simple moving average of $211.53.

Allstate (NYSE:ALL - Get Free Report) last issued 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. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business had revenue of $16.94 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same quarter last year, the company posted $3.53 EPS. The company's revenue was up 3.0% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were given a dividend of $1.08 per share. The ex-dividend date was Monday, June 1st. This represents a $4.32 annualized dividend and a yield of 1.7%. Allstate's payout ratio is 9.53%.

About Allstate

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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