Quantbot Technologies LP Buys New Shares in The Allstate Corporation $ALL

Key Points

• Quantbot Technologies LP opened a new position in Allstate in Q3, buying 5,332 shares worth about $1.145 million, as institutional investors now own roughly 76.47% of the company.
• Allstate posted a big quarterly beat with EPS of $14.31 versus $8.72 expected and revenue of $17.35 billion, and raised its quarterly dividend to $1.08 (annualized $4.32, ~2.0% yield).
• Analysts have a consensus rating of “Moderate Buy” with a $238.88 target after several firms raised price targets; the stock trades near $212.56 with a P/E around 5.6 and a market cap of about $55.2 billion.

Quantbot Technologies LP purchased a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 5,332 shares of the insurance provider's stock, valued at approximately $1,145,000.

Other hedge funds also recently modified their holdings of the company. Avantax Advisory Services Inc. boosted its holdings in shares of Allstate by 3.1% in the 2nd quarter. Avantax Advisory Services Inc. now owns 23,573 shares of the insurance provider's stock valued at $4,745,000 after buying an additional 704 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Allstate by 4.7% during the 3rd quarter. Truist Financial Corp now owns 123,461 shares of the insurance provider's stock worth $26,501,000 after acquiring an additional 5,542 shares during the period. Davis Capital Management acquired a new position in shares of Allstate during the 3rd quarter worth approximately $2,767,000. First Horizon Corp acquired a new position in shares of Allstate during the 3rd quarter worth approximately $11,109,000. Finally, Coastal Bridge Advisors LLC raised its stake in Allstate by 530.6% in the 3rd quarter. Coastal Bridge Advisors LLC now owns 18,174 shares of the insurance provider's stock valued at $3,901,000 after acquiring an additional 15,292 shares during the period. Institutional investors own 76.47% of the company's stock.

Analyst Ratings Changes

ALL has been the subject of several research reports. Roth Mkm raised their price target on Allstate from $230.00 to $240.00 and gave the company a "buy" rating in a report on Wednesday, November 26th. Weiss Ratings reissued a "buy (b)" rating on shares of Allstate in a research report on Wednesday, January 21st. William Blair cut shares of Allstate from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 18th. UBS Group lifted their target price on shares of Allstate from $250.00 to $255.00 and gave the stock a "buy" rating in a report on Monday, November 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Allstate from $260.00 to $263.00 and gave the company an "overweight" rating in a research note on Thursday, February 5th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $238.88.

Allstate Trading Up 0.4%

Shares of Allstate stock opened at $212.56 on Friday. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.26. The Allstate Corporation has a 12-month low of $176.00 and a 12-month high of $216.75. The company has a market capitalization of $55.17 billion, a price-to-earnings ratio of 5.57, a PEG ratio of 0.44 and a beta of 0.23. The firm's 50-day moving average price is $204.65 and its two-hundred day moving average price is $204.73.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The insurance provider reported $14.31 earnings per share for the quarter, topping analysts' consensus estimates of $8.72 by $5.59. The company had revenue of $17.35 billion during the quarter, compared to the consensus estimate of $17.23 billion. Allstate had a net margin of 15.19% and a return on equity of 39.20%. The firm's quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.67 EPS. On average, analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be paid a dividend of $1.08 per share. The ex-dividend date is Monday, March 2nd. This is a boost from Allstate's previous quarterly dividend of $1.00. This represents a $4.32 annualized dividend and a yield of 2.0%. Allstate's dividend payout ratio is currently 11.31%.

Insider Buying and Selling at Allstate

In other Allstate news, insider Suren Gupta sold 19,593 shares of the firm's stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $210.00, for a total value of $4,114,530.00. Following the sale, the insider owned 100,646 shares of the company's stock, valued at approximately $21,135,660. This trade represents a 16.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company's stock.

Allstate 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.

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