NewEdge Advisors LLC Buys 4,432 Shares of The Allstate Corporation $ALL

Key Points

• NewEdge Advisors increased its Allstate position by 12.9% in the first quarter, adding 4,432 shares to hold 38,693 shares worth approximately $8.02 million. Institutional investors collectively own 76.47% of Allstate.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $259.50, despite several firms raising their targets as high as $300.
• Allstate reported quarterly EPS of $8.99, well above the $6.06 consensus estimate, while revenue rose 11.8% year over year. The company also declared a quarterly dividend of $1.08 per share, representing a 1.6% yield.

NewEdge Advisors LLC grew its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 12.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,693 shares of the insurance provider's stock after purchasing an additional 4,432 shares during the period. NewEdge Advisors LLC's holdings in Allstate were worth $8,023,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Allstate in the 4th quarter worth approximately $531,294,000. GQG Partners LLC grew its holdings in shares of Allstate by 36.0% in the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock valued at $1,142,449,000 after purchasing an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Allstate by 29.2% in the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock valued at $1,042,321,000 after purchasing an additional 1,131,172 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Allstate by 1,766.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider's stock worth $180,911,000 after purchasing an additional 822,583 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in Allstate during the third quarter valued at $148,641,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALL has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of Allstate from $242.00 to $255.00 and gave the company a "market perform" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. upped their target price on shares of Allstate from $263.00 to $282.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Roth Capital set a $300.00 price target on shares of Allstate in a report on Thursday. Evercore set a $240.00 price objective on Allstate in a research note on Friday, July 10th. Finally, Weiss Ratings upgraded Allstate from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $259.50.

Insider Activity at Allstate

In related news, insider Mark Q. Prindiville sold 1,550 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the completion of the sale, the insider directly owned 27,558 shares of the company's stock, valued at approximately $5,959,968.66. This trade represents a 5.32% 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, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value 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. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by insiders.

Allstate Trading Up 0.0%

ALL stock opened at $267.02 on Monday. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $277.22. The stock has a market capitalization of $68.74 billion, a price-to-earnings ratio of 5.33, a price-to-earnings-growth ratio of 0.45 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. The firm's fifty day simple moving average is $241.52 and its two-hundred day simple moving average is $220.65.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The firm had revenue of $15.43 billion during the quarter, compared to analysts' expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $5.94 EPS. As a group, analysts anticipate that The Allstate Corporation will post 31.4 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, August 31st. Allstate's payout ratio is 8.63%.

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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