Citigroup Inc. has trimmed its stake in Allstate Co. (NYSE:ALL) by 14% during the third quarter, as reported by Holdings Channel. This adjustment sees Citigroup owning 184,492 shares of the insurance company’s stock, translating to a value of $34,989,000 by the close of the quarter after offloading 30,055 shares.
Meanwhile, several other institutional investors have also made changes to their Allstate holdings. Pathway Financial Advisers LLC has notably increased its stake by an impressive 18,472.5% in the third quarter, ending up with 1,052,687 shares worth around $199,642,000, thanks to an acquisition of 1,047,019 additional shares. Additionally, Allspring Global Investments Holdings LLC expanded its ownership of Allstate shares by 18.7% over the same period, reaching a total of 3,000,866 shares valued at $569,114,000 after purchasing another 472,040 shares. AQR Capital Management LLC boosted its share count by a striking 181.6% in Q2, now holding 719,997 shares valued at $114,955,000 following an acquisition of 464,337 additional shares. TimesSquare Capital Management LLC also took a new stake in Allstate during the third quarter, worth approximately $77,819,000. Furthermore, Acadian Asset Management LLC bolstered its position by a significant 3,839.0% in the second quarter, now owning 416,117 shares valued at $66,417,000 after acquiring an additional 405,553 shares. Notably, 76.47% of Allstate’s stock is in the hands of hedge funds and institutional investors.
Turning to insider activity, John E. Dugenske, an insider at Allstate, sold 36,367 shares on Friday, September 20th. The shares moved at an average price of $191.38, fetching a total of $6,959,916.46. Following this transaction, Dugenske now retains 27,364 shares valued at $5,236,922.32, marking a 57.06% reduction in his stake.
In analysis from Wall Street, several brokerages have recently issued updates on Allstate’s stock performance. Evercore ISI has increased its price target from $191.00 to $195.00, maintaining an “in-line” rating. Conversely, The Goldman Sachs Group upped its target from $209.00 to $230.00, labeling the stock a “buy.” Roth Mkm continues to recommend a “buy” stance with a $200.00 price target. Wells Fargo & Company, meanwhile, raised its assessment from $175.00 to $186.00, assigning an “equal weight” status. Raymond James lifted its target from $205.00 to $220.00, awarding the stock a “strong-buy” classification. Overall, according to MarketBeat, Allstate holds a “Moderate Buy” consensus rating, with an average target price of $214.19.
Allstate’s stock recently opened at $202.14, contributing to its market cap of $53.53 billion. The company’s PE ratio sits at 13.09, with a price-to-earnings-growth ratio of 1.81 and a beta of 0.48. The financial engagements are balanced with a debt-to-equity ratio of 0.43, while quick and current ratios both stand at 0.40. Over the past year, the stock has ranged from a low of $134.17 to a high of $205.35.
In their latest earnings report shared on October 30th, Allstate announced a quarterly EPS of $3.91, surpassing the analysts’ estimate of $2.20 by $1.71. The provider boasted a net margin of 6.77% and a return on equity of 26.67%. Notably, their revenue reached $16.63 billion, outdoing the forecast of $14.57 billion, and marking a 14.7% increase from the same quarter the previous year. Analysts are predicting that Allstate will conclude the year with an EPS of 16.07.
In terms of dividends, the company declared a quarterly payout of $0.92 per share, which will be distributed on January 2nd, to shareholders registered by November 29th. With November 29th marking the ex-dividend date, Allstate’s annual dividend is set at $3.68, reflecting a yield of 1.82%. Their dividend payout ratio is calculated at 23.83%.
Allstate Corporation, together with its subsidiaries, provides a wide array of insurance products across the U.S. and Canada, operating via five distinct segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property-Liability, and Corporate and Other segments.
For further information on hedge fund activities regarding Allstate, HoldingsChannel.com offers comprehensive insights into the latest 13F filings and insider trades related to The Allstate Co.
