The Manufacturers Life Insurance Company reduced its position in shares of The Allstate Corporation (NYSE:ALL – Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 196,819 shares of the insurance provider’s stock after selling 5,090 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Allstate were worth $40,808,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. MV Capital Management Inc. purchased a new stake in shares of Allstate during the fourth quarter valued at approximately $25,000. Dorato Capital Management purchased a new position in Allstate in the 4th quarter worth approximately $27,000. Navalign LLC bought a new position in Allstate in the 4th quarter valued at approximately $27,000. Evolution Wealth Management Inc. lifted its position in Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 140 shares in the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Allstate during the 1st quarter valued at $30,000. 76.47% of the stock is owned by hedge funds and other institutional investors.
Allstate Stock Down 3.3%
Shares of ALL stock opened at $265.22 on Friday. The company has a market capitalization of $68.27 billion, a price-to-earnings ratio of 5.85, a PEG 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 company’s fifty day moving average price is $234.98 and its 200-day moving average price is $217.73. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36.
Allstate Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be paid a $1.08 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.6%. Allstate’s dividend payout ratio is 9.53%.
Insider Activity
In related news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the completion of the sale, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $451,474.75. Following the sale, the director directly owned 2,225 shares in the company, valued at $451,474.75. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on ALL. Roth Capital restated a “buy” rating and issued a $275.00 price target on shares of Allstate in a research note on Friday, July 17th. UBS Group cut Allstate from a “buy” rating to a “neutral” rating and increased their price objective for the company from $255.00 to $261.00 in a research report on Wednesday, July 15th. Evercore set a $240.00 price objective on Allstate in a report on Friday, July 10th. HSBC lowered Allstate from a “buy” rating to a “hold” rating and boosted their target price for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Allstate in a report on Thursday, June 18th. Three 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 issued a Sell rating to the stock. Based on data from MarketBeat, Allstate currently has an average rating of “Moderate Buy” and a consensus price target of $254.80.
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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