The Allstate Corporation $ALL Stake Lessened by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC cut its Allstate stake by 27.1% in the fourth quarter, selling 32,597 shares and ending with 87,673 shares valued at about $18.25 million.
• Allstate reported stronger-than-expected quarterly results, posting $10.65 EPS versus the $7.31 consensus and revenue of $16.94 billion, while analysts still expect full-year EPS of 29.43.
• The company declared a quarterly dividend of $1.08 per share, payable July 1, which annualizes to $4.32 per share and yields about 2.0% at the time of the report.

Kovitz Investment Group Partners LLC lessened its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 27.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,673 shares of the insurance provider's stock after selling 32,597 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Allstate were worth $18,249,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Dorato Capital Management acquired a new position in shares of Allstate during the 4th quarter valued at $27,000. Navalign LLC acquired a new stake in shares of Allstate in the fourth quarter valued at $27,000. Princeton Global Asset Management LLC boosted its stake in Allstate by 101.3% during the fourth quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider's stock valued at $31,000 after buying an additional 76 shares in the last quarter. Palisade Asset Management LLC bought a new position in Allstate during the third quarter valued at about $31,000. Finally, Cornerstone Financial Management LLC acquired a new position in Allstate during the fourth quarter worth about $32,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Stock Down 0.4%

Shares of Allstate stock opened at $220.72 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The company has a market cap of $56.82 billion, a P/E ratio of 4.87, a P/E/G ratio of 0.40 and a beta of 0.18. The stock has a 50-day moving average price of $215.78 and a 200 day moving average price of $209.15. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $227.62.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating the consensus estimate of $7.31 by $3.34. The firm 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%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.53 EPS. As a group, analysts expect that The Allstate Corporation will post 29.43 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, June 1st. Allstate's payout ratio is currently 9.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods downgraded shares of Allstate from an "outperform" rating to a "market perform" rating and cut their price target for the company from $266.00 to $242.00 in a report on Monday, June 8th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $231.00 target price on shares of Allstate in a report on Thursday, March 5th. Piper Sandler reissued an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Wall Street Zen cut shares of Allstate from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Citigroup lifted their price target on shares of Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $240.33.

Insider Buying and Selling

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the stock in a transaction 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 transaction, the director directly owned 2,225 shares of the company's stock, valued at $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the stock in a transaction dated 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 transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,353 shares of company stock worth $4,851,560. Corporate insiders own 1.55% of the company's 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.

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