The Allstate Corporation $ALL Stock Position Lowered by Legal & General Group Plc

Key Points

• Legal & General Group Plc trimmed its Allstate stake by 0.8% in the fourth quarter, though it still held about 1.99 million shares valued at roughly $415.1 million. Institutional investors continue to own a large majority of Allstate shares.
• Allstate beat first-quarter expectations with earnings of $10.65 per share versus the $7.31 consensus and revenue of $16.94 billion versus $15.24 billion expected. Revenue rose 3% year over year, and the company posted strong profitability metrics.
• Allstate announced a quarterly dividend of $1.08 per share, payable July 1 to shareholders of record on June 1. The payout implies an annualized dividend of $4.32 per share and a 2.0% yield.

Legal & General Group Plc lessened its position in The Allstate Corporation (NYSE:ALL - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,994,304 shares of the insurance provider's stock after selling 16,910 shares during the quarter. Legal & General Group Plc owned approximately 0.76% of Allstate worth $415,114,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Dorato Capital Management purchased a new stake in shares of Allstate in the 4th quarter valued at approximately $27,000. Navalign LLC acquired a new stake in shares of Allstate during the 4th quarter valued at $27,000. Princeton Global Asset Management LLC grew its holdings in shares of Allstate by 101.3% during the 4th quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider's stock valued at $31,000 after acquiring an additional 76 shares in the last quarter. Palisade Asset Management LLC purchased a new position in shares of Allstate during the 3rd quarter valued at $31,000. Finally, South Plains Financial Inc. increased its stake in shares of Allstate by 41.5% in the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider's stock worth $36,000 after acquiring an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Allstate Stock Up 0.0%

Allstate stock opened at $216.64 on Tuesday. The company has a market capitalization of $55.77 billion, a P/E ratio of 4.78, a P/E/G ratio of 0.39 and a beta of 0.21. The firm's fifty day simple moving average is $212.51 and its 200-day simple moving average is $208.33. 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 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 results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate 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 last year, the firm earned $3.53 EPS. Sell-side analysts forecast that The Allstate Corporation will post 29.28 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be issued a dividend of $1.08 per share. The ex-dividend date is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.0%. Allstate's dividend payout ratio (DPR) is currently 9.53%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALL. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $231.00 price target on shares of Allstate in a research note on Thursday, March 5th. Piper Sandler upped their price target on shares of Allstate from $252.00 to $268.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Weiss Ratings raised shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, March 23rd. Wells Fargo & Company upped their price target on shares of Allstate from $229.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Finally, Barclays upped their price target 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. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Allstate currently has a consensus rating of "Moderate Buy" and a consensus price target of $241.67.

Insider Buying and Selling at Allstate

In other news, COO Mario Rizzo sold 18,578 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the transaction, the chief operating officer owned 82,227 shares in the company, valued at approximately $17,991,267.60. This trade represents a 18.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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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