Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of The Allstate Co. (NYSE:ALL) by 8.2% in the first quarter, Holdings Channel.com reports. The firm owned 637,184 shares of the insurance provider’s stock after buying an additional 48,241 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in The Allstate were worth $71,622,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in ALL. Harel Insurance Investments & Financial Services Ltd. acquired a new position in The Allstate during the 1st quarter worth approximately $26,000. DB Wealth Management Group LLC bought a new stake in The Allstate during the 4th quarter worth approximately $29,000. Childress Capital Advisors LLC bought a new stake in The Allstate during the 4th quarter worth approximately $36,000. Sage Private Wealth Group LLC bought a new stake in The Allstate during the 4th quarter worth approximately $37,000. Finally, Horan Securities Inc. grew its holdings in The Allstate by 217.6% during the 4th quarter. Horan Securities Inc. now owns 343 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 235 shares during the last quarter. Institutional investors and hedge funds own 74.69% of the company’s stock.
A number of equities research analysts have weighed in on the stock. Citigroup lowered shares of The Allstate from a “buy” rating to a “neutral” rating in a report on Thursday, June 3rd. They noted that the move was a valuation call. Keefe, Bruyette & Woods lowered shares of The Allstate from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 11th. Barclays upped their price objective on shares of The Allstate from $135.00 to $141.00 and gave the company an “overweight” rating in a research note on Friday, May 7th. Piper Sandler upped their price objective on shares of The Allstate from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 3rd. They noted that the move was a valuation call. Finally, Raymond James boosted their target price on shares of The Allstate from $140.00 to $150.00 and gave the company a “strong-buy” rating in a research report on Monday, May 10th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $132.38.
The Allstate (NYSE:ALL) last released its quarterly earnings data on Tuesday, May 4th. The insurance provider reported $6.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.88 by $2.23. The firm had revenue of $10.31 billion for the quarter, compared to the consensus estimate of $10.37 billion. The Allstate had a net margin of 7.73% and a return on equity of 21.16%. The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.54 earnings per share. On average, analysts forecast that The Allstate Co. will post 15.53 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Friday, June 4th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $3.24 annualized dividend and a dividend yield of 2.47%. The Allstate’s dividend payout ratio is currently 22.00%.
In related news, CFO Mario Rizzo sold 12,763 shares of the stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $133.26, for a total transaction of $1,700,797.38. Following the completion of the transaction, the chief financial officer now owns 49,490 shares in the company, valued at $6,595,037.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider John E. Dugenske sold 151,691 shares of the stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $135.28, for a total transaction of $20,520,758.48. Following the transaction, the insider now owns 118,444 shares of the company’s stock, valued at approximately $16,023,104.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 227,111 shares of company stock valued at $30,694,662. 1.56% of the stock is currently owned by corporate insiders.
The Allstate Profile
The Allstate Corporation, through its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection, Protection Services, Allstate Life, and Allstate Benefits segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home and stand-alone scheduled personal property; and commercial lines products under the Allstate and Encompass brand names.
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