Arbor Investment Advisors LLC reduced its stake in shares of The Allstate Co. (NYSE:ALL – Get Rating) by 8.5% in the first quarter, HoldingsChannel reports. The firm owned 4,760 shares of the insurance provider’s stock after selling 440 shares during the period. Arbor Investment Advisors LLC’s holdings in Allstate were worth $659,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Riverview Trust Co lifted its stake in shares of Allstate by 19.3% during the 1st quarter. Riverview Trust Co now owns 1,200 shares of the insurance provider’s stock worth $166,000 after purchasing an additional 194 shares during the last quarter. Private Capital Group LLC grew its stake in Allstate by 70.4% during the 1st quarter. Private Capital Group LLC now owns 1,862 shares of the insurance provider’s stock worth $259,000 after buying an additional 769 shares during the last quarter. Transcend Capital Advisors LLC grew its stake in Allstate by 13.6% during the 1st quarter. Transcend Capital Advisors LLC now owns 6,946 shares of the insurance provider’s stock worth $962,000 after buying an additional 834 shares during the last quarter. Sigma Planning Corp grew its stake in Allstate by 12.8% during the 1st quarter. Sigma Planning Corp now owns 14,477 shares of the insurance provider’s stock worth $2,005,000 after buying an additional 1,644 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC grew its stake in Allstate by 12.3% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 2,625 shares of the insurance provider’s stock worth $364,000 after buying an additional 288 shares during the last quarter. Hedge funds and other institutional investors own 75.84% of the company’s stock.
In other Allstate news, CEO Thomas J. Wilson sold 142,000 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $133.39, for a total transaction of $18,941,380.00. Following the completion of the sale, the chief executive officer now directly owns 99,828 shares in the company, valued at approximately $13,316,056.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.77% of the company’s stock.
Allstate (NYSE:ALL – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The insurance provider reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.21). The firm had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $11.14 billion. Allstate had a net margin of 7.20% and a return on equity of 12.50%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $6.11 EPS. On average, equities research analysts forecast that The Allstate Co. will post 9.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 3rd will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Thursday, June 2nd. Allstate’s dividend payout ratio is presently 28.48%.
Several research analysts recently weighed in on ALL shares. Citigroup started coverage on Allstate in a research note on Monday, May 23rd. They set a “buy” rating and a $159.00 target price on the stock. Barclays raised their target price on Allstate from $119.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 12th. Piper Sandler reduced their target price on Allstate from $150.00 to $147.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. Credit Suisse Group began coverage on Allstate in a research note on Thursday, April 28th. They issued an “outperform” rating and a $188.00 target price for the company. Finally, Argus lowered Allstate from a “buy” rating to a “hold” rating in a research note on Friday, May 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Allstate currently has a consensus rating of “Moderate Buy” and an average price target of $145.75.
About Allstate (Get Rating)
The Allstate Corporation, together with 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 Health and Benefits; and Run-off Property-Liability 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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