Peapack Gladstone Financial Corp Purchases 14,271 Shares of The Allstate Corporation $ALL

Key Points

• Peapack Gladstone Financial increased its Allstate stake by 55.5% in the fourth quarter, buying 14,271 additional shares and bringing its total holdings to 39,979 shares worth about $8.32 million.
• Allstate reported a strong quarter, with EPS of $10.65 versus the $7.31 consensus estimate and revenue of $16.94 billion, topping analyst forecasts. The company also posted a 17.81% net margin and 42.66% return on equity.
• Allstate declared a quarterly dividend of $1.08 per share, payable July 1, for an annualized yield of 2.1%. Analyst sentiment is mixed but leans positive, with a consensus rating of Moderate Buy and an average price target of $241.67.

Peapack Gladstone Financial Corp boosted its position in The Allstate Corporation (NYSE:ALL - Free Report) by 55.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,979 shares of the insurance provider's stock after acquiring an additional 14,271 shares during the quarter. Peapack Gladstone Financial Corp's holdings in Allstate were worth $8,322,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALL. Norges Bank bought a new stake in shares of Allstate during the fourth quarter worth $531,294,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Allstate by 1,766.9% during 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 buying an additional 822,583 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Allstate during the third quarter worth $148,641,000. AustralianSuper Pty Ltd grew its stake in shares of Allstate by 80.6% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,220,984 shares of the insurance provider's stock worth $254,148,000 after buying an additional 544,874 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of Allstate by 542.3% during the fourth quarter. LSV Asset Management now owns 631,005 shares of the insurance provider's stock worth $131,344,000 after buying an additional 532,770 shares during the last quarter. Institutional investors own 76.47% of the company's stock.

Insider Buying and Selling at Allstate

In other Allstate news, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction on Friday, May 22nd. The shares were 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.55% of the company's stock.

Allstate Price Performance

ALL stock opened at $207.50 on Tuesday. The firm has a market cap of $53.41 billion, a price-to-earnings ratio of 4.58, a PEG ratio of 0.37 and a beta of 0.21. 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 Allstate Corporation has a 12-month low of $188.08 and a 12-month high of $227.62. The company's fifty day simple moving average is $212.78 and its 200 day simple moving average is $208.59.

Allstate (NYSE:ALL - Get Free Report) last released its 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. The business had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. Allstate's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.53 earnings per share. On average, analysts expect that The Allstate Corporation will post 29.11 earnings per share for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a 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

A number of analysts have weighed in on the stock. Weiss Ratings raised shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, March 23rd. Barclays boosted their target price on shares of Allstate from $207.00 to $208.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 8th. JPMorgan Chase & Co. boosted their target price on shares of Allstate from $260.00 to $263.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. Raymond James Financial reiterated a "strong-buy" rating and set a $260.00 price target on shares of Allstate in a report on Tuesday, March 3rd. Finally, Mizuho cut their price target on shares of Allstate from $281.00 to $265.00 and set an "outperform" rating on the stock in a report on Friday, March 20th. 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 given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $241.67.

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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