Truist Financial Corp Trims Stake in The Allstate Corporation $ALL

Key Points

• Truist Financial Corp has reduced its stake in The Allstate Corporation by 7.0%, now holding 117,919 shares valued at approximately $23.74 million as of the end of the second quarter.
• Various institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., have increased their holdings in Allstate, indicating strong interest in the insurance stock.
• Analysts generally maintain a Moderate Buy rating for Allstate with an average price target of $231.56, reflecting confidence in the company despite current market challenges.

Truist Financial Corp trimmed its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 7.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 117,919 shares of the insurance provider's stock after selling 8,940 shares during the quarter. Truist Financial Corp's holdings in Allstate were worth $23,738,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Allstate by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 32,800,086 shares of the insurance provider's stock worth $6,791,914,000 after acquiring an additional 164,662 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Allstate by 25.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,709,610 shares of the insurance provider's stock valued at $2,424,710,000 after purchasing an additional 2,374,684 shares during the period. GQG Partners LLC raised its position in Allstate by 2.1% in the first quarter. GQG Partners LLC now owns 4,405,701 shares of the insurance provider's stock valued at $912,288,000 after purchasing an additional 89,185 shares during the period. Boston Partners raised its position in Allstate by 613.9% in the first quarter. Boston Partners now owns 2,482,654 shares of the insurance provider's stock valued at $512,627,000 after purchasing an additional 2,134,893 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Allstate by 27.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,328,070 shares of the insurance provider's stock valued at $482,073,000 after buying an additional 497,982 shares in the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Allstate in a research note on Saturday, September 27th. Wells Fargo & Company set a $202.00 price target on shares of Allstate and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. William Blair began coverage on shares of Allstate in a research note on Friday, June 6th. They set a "sector outperform" rating on the stock. BMO Capital Markets upped their target price on shares of Allstate from $230.00 to $235.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 20th. Finally, Roth Capital set a $230.00 price target on shares of Allstate and gave the stock a "buy" rating in a research note on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $231.56.

Allstate Trading Up 0.4%

ALL opened at $210.92 on Friday. The Allstate Corporation has a one year low of $176.00 and a one year high of $215.70. The company has a market cap of $55.58 billion, a P/E ratio of 9.92, a PEG ratio of 0.82 and a beta of 0.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. The business's 50-day simple moving average is $204.72 and its 200-day simple moving average is $201.06.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. The firm had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $16.59 billion. Allstate had a return on equity of 28.74% and a net margin of 8.79%.The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.61 earnings per share. As a group, equities research analysts expect that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, August 29th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 29th. Allstate's dividend payout ratio (DPR) is currently 18.81%.

Allstate Company Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.

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