Norges Bank Invests $531.29 Million in The Allstate Corporation $ALL

Key Points

• Norges Bank initiated a large new position in Allstate during the fourth quarter, buying 2.55 million shares valued at about $531.3 million. The stake represented roughly 0.98% of the insurer at quarter-end.
• Allstate reported strong first-quarter results, with earnings of $10.65 per share beating estimates by a wide margin and revenue of $16.94 billion also topping expectations. Analysts now expect the company to earn 29.11 EPS for the full year.
• The company declared a quarterly dividend of $1.08 per share, payable July 1, for an annualized yield of about 2.1%. Meanwhile, analyst sentiment remains generally positive, with a Moderate Buy consensus and a target price of $241.67.

Norges Bank purchased a new position in The Allstate Corporation (NYSE:ALL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,552,457 shares of the insurance provider's stock, valued at approximately $531,294,000. Norges Bank owned approximately 0.98% of Allstate at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. South Plains Financial Inc. lifted its stake in shares of Allstate by 41.5% in the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider's stock worth $36,000 after buying an additional 49 shares in the last quarter. Coldstream Capital Management Inc. lifted its position in Allstate by 0.6% during the fourth quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider's stock worth $1,625,000 after buying an additional 50 shares in the last quarter. Humankind Investments LLC lifted its position in Allstate by 4.5% during the third quarter. Humankind Investments LLC now owns 1,191 shares of the insurance provider's stock worth $256,000 after buying an additional 51 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in Allstate by 0.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider's stock worth $1,210,000 after buying an additional 52 shares in the last quarter. Finally, Howard Capital Management Inc. lifted its position in Allstate by 3.2% during the third quarter. Howard Capital Management Inc. now owns 1,739 shares of the insurance provider's stock worth $373,000 after buying an additional 54 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Price Performance

NYSE:ALL opened at $206.51 on Monday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $227.62. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $53.16 billion, a P/E ratio of 4.56, a P/E/G ratio of 0.37 and a beta of 0.19. The stock's fifty day moving average is $212.70 and its two-hundred day moving average is $208.59.

Allstate (NYSE:ALL - Get Free Report) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The company had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter in the previous year, the business earned $3.53 earnings per share. The company's revenue for the quarter was up 3.0% on a year-over-year basis. Equities analysts expect that The Allstate Corporation will post 29.11 EPS for the current year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, June 1st. Allstate's payout ratio is 9.53%.

Analyst Ratings Changes

ALL has been the topic of a number of analyst reports. Zacks Research downgraded Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Barclays lifted their price objective on Allstate from $207.00 to $208.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 8th. JPMorgan Chase & Co. lifted their price objective on Allstate from $260.00 to $263.00 and gave the stock an "overweight" rating in a research report on Thursday, February 5th. Citigroup lifted their target price on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Allstate from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $241.67.

Insider Buying and Selling

In other news, insider Mark Q. Prindiville sold 1,550 shares of the business'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 sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. This trade represents a 18.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.55% of the stock is currently owned by insiders.

Key Headlines Impacting Allstate

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Allstate remains fundamentally strong after its latest quarter, with earnings per share and revenue both beating expectations, which supports the bull case for the stock. Insider Selling: Allstate NYSE: ALL Insider Sells 1,550 Shares of Stock
• Positive Sentiment: Several analyst and research notes continue to frame Allstate as undervalued or fairly attractive, and the stock still carries a moderate buy consensus with a higher average price target. Allstate (ALL) Down 4.6% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: Allstate announced estimated April catastrophe losses of $870 million pre-tax, which is a reminder that weather-related claims can create earnings volatility and may temper sentiment near term. Is Allstate (ALL) the Most Undervalued Stock to Invest In?
• Neutral Sentiment: A consumer-focused article highlighting car insurance for road trips is not a direct company-specific catalyst, but it keeps attention on auto insurance demand and the broader insurance category. Driving instead of flying? Here's the best car insurance for road trips
• Negative Sentiment: One insider sold 1,550 shares, and while the sale was small relative to the company, insider selling can weigh on short-term sentiment. Insider Selling: Allstate NYSE: ALL Insider Sells 1,550 Shares of 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.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Allstate Corporation (NYSE:ALL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.