Principal Financial Group Inc. Grows Stock Position in The Allstate Corporation $ALL

Key Points

• Principal Financial Group raised its stake in Allstate by 1.9% in Q4 to 313,681 shares (~0.12% of the company), and institutional/hedge funds now own about 76.47% of Allstate.
• Allstate beat expectations—reporting $10.65 EPS vs. $7.31 est. and $16.94B revenue vs. $15.24B est.—prompting several analyst price-target increases and a consensus rating of "Moderate Buy" with an average target of $241.67.
• COO Mario Rizzo sold 18,578 shares on May 1 at $218.80 for roughly $4.06M, reducing his ownership by 18.43%; corporate insiders hold about 1.55% of the stock.

Principal Financial Group Inc. lifted its stake in The Allstate Corporation (NYSE:ALL - Free Report) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 313,681 shares of the insurance provider's stock after buying an additional 5,804 shares during the quarter. Principal Financial Group Inc. owned approximately 0.12% of Allstate worth $65,293,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALL. Brighton Jones LLC grew its stake in shares of Allstate by 60.2% during the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock worth $1,253,000 after purchasing an additional 2,443 shares during the period. Revolve Wealth Partners LLC acquired a new position in shares of Allstate in the 4th quarter valued at $231,000. WINTON GROUP Ltd acquired a new position in shares of Allstate in the 2nd quarter valued at $210,000. Treasurer of the State of North Carolina boosted its holdings in Allstate by 2.5% during the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider's stock worth $24,816,000 after buying an additional 3,051 shares in the last quarter. Finally, Ieq Capital LLC grew its position in Allstate by 20.1% during the second quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider's stock valued at $7,713,000 after buying an additional 6,412 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Mario Rizzo sold 18,578 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was 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 approximately $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.55% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ALL shares. Wells Fargo & Company lifted their price objective on shares of Allstate from $229.00 to $243.00 and gave the company an "equal weight" rating in a report on Wednesday. JPMorgan Chase & Co. raised their target price on Allstate from $260.00 to $263.00 and gave the company an "overweight" rating in a research report on Thursday, February 5th. The Goldman Sachs Group restated a "neutral" rating and issued a $231.00 price target on shares of Allstate in a research note on Thursday, March 5th. Citigroup upped their price target on Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods increased their price target on Allstate from $260.00 to $266.00 and gave the stock an "outperform" rating in a research report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $241.67.

Allstate Stock Down 1.9%

ALL stock opened at $213.74 on Friday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $222.23. 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 firm has a 50-day simple moving average of $210.90 and a 200-day simple moving average of $206.26. The stock has a market capitalization of $55.02 billion, a P/E ratio of 4.72, a P/E/G ratio of 0.41 and a beta of 0.21.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $15.24 billion. During the same period in the previous year, the firm posted $3.53 EPS. Allstate's revenue was up 3.0% compared to the same quarter last year. Equities analysts forecast that The Allstate Corporation will post 28.26 earnings per share for the current fiscal year.

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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