Munich Reinsurance Co Stock Corp in Munich cut its position in shares of The Allstate Corporation (NYSE:ALL – Free Report) by 25.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,958 shares of the insurance provider’s stock after selling 21,261 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in Allstate were worth $14,980,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in ALL. BlackRock Inc. acquired a new stake in shares of Allstate during the second quarter worth $5,439,448,000. Bank of America Corp DE acquired a new position in shares of Allstate in the 2nd quarter valued at about $1,410,362,000. GQG Partners LLC bought a new stake in shares of Allstate during the 2nd quarter valued at about $1,245,710,000. Deutsche Bank AG acquired a new stake in Allstate during the second quarter worth about $1,008,648,000. Finally, Norges Bank acquired a new stake in Allstate during the fourth quarter worth about $531,294,000. Institutional investors and hedge funds own 76.47% of the company’s stock.
Key Stories Impacting Allstate
Here are the key news stories impacting Allstate this week:
- Positive Sentiment: Allstate is included among insurers using artificial intelligence, data and technology to improve operating efficiency, underwriting and growth, which could support long-term margins and competitiveness. 3 Insurers to Add to Portfolio as AI Transforms Insurance Operations
- Positive Sentiment: A review of Allstate’s financial strength and earnings outlook suggests the company may merit renewed investor consideration, reinforcing the case for its profitability and balance-sheet position. Affirmed Financial Strength And Earnings Outlook Might Change The Case For Investing In Allstate
- Positive Sentiment: Allstate is highlighted as a value-oriented property-and-casualty insurer with premium growth, underwriting discipline and investment-portfolio gains. 3 P&C Insurers to Add for Better Returns in Sluggish September
- Positive Sentiment: Allstate is listed among low-beta, dividend-paying stocks that could offer defensive characteristics during September volatility, with improving earnings estimates cited as a supporting factor. Buy 5 Stocks to Stay Safe in Wall Street’s Historically Worst Month
- Neutral Sentiment: Comparisons with Tokio Marine focus on relative valuation and value-investing characteristics rather than a new company-specific catalyst. ALL or TKOMY: Which Is the Better Value Stock Right Now?
- Neutral Sentiment: An Allstate driving-safety report ranking for Wichita provides local auto-insurance context but does not materially change the company’s financial outlook. How bad or good are Wichita drivers? See how the city ranks in Allstate report
- Negative Sentiment: Allstate shares have declined since the latest earnings report, prompting questions about whether the stock can rebound despite the company’s stronger-than-expected results. Allstate Down 4.4% Since Last Earnings Report: Can It Rebound?
- Negative Sentiment: A report that Tyler Perry paid an 81-year-old woman’s $18,000 repair bill after Allstate denied her claim could create reputational risk and renewed scrutiny of claims-handling practices, although it appears to be an isolated customer dispute. Tyler Perry pays 81-year-old woman’s $18K repair bill after Allstate denies claim
Analyst Ratings Changes
Read Our Latest Research Report on ALL
Allstate Stock Down 1.4%
ALL stock opened at $259.43 on Friday. The firm’s 50-day moving average is $256.91 and its two-hundred day moving average is $228.76. The company has a market capitalization of $65.60 billion, a price-to-earnings ratio of 5.18, a price-to-earnings-growth ratio of 0.60 and a beta of 0.15. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24.
Allstate (NYSE:ALL – Get Free Report) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion for the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.94 earnings per share. On average, analysts forecast that The Allstate Corporation will post 34.78 earnings per share for the current fiscal year.
Allstate Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 annualized dividend and a yield of 1.7%. Allstate’s dividend payout ratio (DPR) is currently 8.63%.
Insider Transactions at Allstate
In other news, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the transaction, the insider owned 13,054 shares of the company’s stock, valued at $3,515,833.82. The trade was a 71.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Mario Rizzo sold 56,225 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by insiders.
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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