The Allstate Corporation $ALL Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Allstate stake by 8.1% in the first quarter, acquiring 596,321 additional shares and bringing its holdings to 7.91 million shares worth approximately $1.64 billion. Institutional investors collectively own 76.47% of Allstate.
• Analysts maintain a generally positive outlook, with Allstate receiving a consensus “Moderate Buy” rating and an average price target of $254.80; recent targets range from $240 to $319.
• Allstate reported stronger-than-expected quarterly results, including $10.65 in earnings per share versus the $7.31 estimate, and declared a quarterly dividend of $1.08 per share, equivalent to a 1.6% annual yield.

Bank of America Corp DE boosted its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,913,320 shares of the insurance provider's stock after purchasing an additional 596,321 shares during the quarter. Bank of America Corp DE owned about 3.07% of Allstate worth $1,640,748,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ALL. Coldstream Capital Management Inc. raised its holdings in shares of Allstate by 0.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider's stock valued at $1,625,000 after buying an additional 50 shares during the last quarter. Compound Planning Inc. grew its holdings in shares of Allstate by 1.6% during the fourth quarter. Compound Planning Inc. now owns 3,216 shares of the insurance provider's stock worth $669,000 after buying an additional 50 shares during the last quarter. Cullen Frost Bankers Inc. grew its holdings in shares of 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 during the last quarter. Root Financial Partners LLC increased its position in Allstate by 4.7% in the 1st quarter. Root Financial Partners LLC now owns 1,170 shares of the insurance provider's stock valued at $243,000 after acquiring an additional 53 shares during the period. Finally, L2 Asset Management LLC raised its stake in Allstate by 4.7% during the 3rd quarter. L2 Asset Management LLC now owns 1,223 shares of the insurance provider's stock valued at $263,000 after acquiring an additional 55 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ALL shares. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Allstate in a research report on Thursday, June 18th. JPMorgan Chase & Co. boosted their target price on Allstate from $263.00 to $282.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Piper Sandler restated an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Evercore set a $240.00 price target on Allstate in a report on Friday, July 10th. Finally, Atlantic Securities set a $319.00 price objective on shares of Allstate in a research report on Wednesday, July 15th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Allstate presently has a consensus rating of "Moderate Buy" and a consensus price target of $254.80.

Insider Activity

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, 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. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company's stock.

Allstate Price Performance

Allstate stock opened at $265.22 on Friday. The company has a market cap of $68.27 billion, a P/E ratio of 5.85, a price-to-earnings-growth ratio of 0.47 and a beta of 0.16. The Allstate Corporation has a one year low of $188.08 and a one year high of $277.22. The business has a fifty day moving average of $234.98 and a two-hundred day moving average of $217.73. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping analysts' consensus estimates of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to analysts' expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $3.53 EPS. As a group, analysts predict that The Allstate Corporation will post 30.74 earnings per share for the current fiscal year.

Allstate Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.6%. Allstate's payout ratio is currently 9.53%.

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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