Glenview Trust Co Takes Position in The Allstate Corporation $ALL

Glenview Trust Co bought a new stake in The Allstate Corporation (NYSE:ALL) in the 2nd quarter, HoldingsChannel reports. The firm bought 141,710 shares of the insurance provider’s stock, valued at approximately $33,718,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ALL. Strategic Global Advisors LLC acquired a new stake in shares of Allstate during the 2nd quarter worth about $11,680,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Allstate by 5.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock valued at $112,533,000 after purchasing an additional 26,586 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Allstate in the second quarter valued at approximately $6,861,000. Elevation Point Wealth Partners LLC increased its stake in Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider’s stock valued at $4,016,000 after purchasing an additional 10,936 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Allstate by 8.1% in the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock valued at $1,640,748,000 after purchasing an additional 596,321 shares during the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Mario Rizzo sold 56,225 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This trade represents a 40.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction 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 completion of the transaction, the director owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 91,446 shares of company stock valued at $24,208,675 over the last quarter. Company insiders own 1.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ALL shares. Evercore set a $240.00 target price on shares of Allstate in a report on Friday, July 10th. Piper Sandler lifted their price target on shares of Allstate from $268.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. HSBC cut shares of Allstate from a “buy” rating to a “hold” rating and boosted their price target for the company from $244.00 to $264.00 in a research report on Monday, July 6th. UBS Group upped their price objective on shares of Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Finally, Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Four investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $265.26.

Allstate Stock Performance

NYSE:ALL opened at $257.24 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market cap of $65.05 billion, a price-to-earnings ratio of 5.14, a price-to-earnings-growth ratio of 0.40 and a beta of 0.16. The firm’s fifty day moving average price is $253.33 and its 200 day moving average price is $226.56. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $277.22.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.06 by $2.93. The company 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.94 EPS. On average, sell-side analysts expect that The Allstate Corporation will post 34.45 EPS for the current year.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate’s dividend payout ratio is currently 8.63%.

Allstate Company Profile

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.