The Manufacturers Life Insurance Company Buys New Shares in The Allstate Corporation $ALL

The Manufacturers Life Insurance Company bought a new position in shares of The Allstate Corporation (NYSE:ALL) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 178,755 shares of the insurance provider’s stock, valued at approximately $42,409,000.

Other large investors have also recently bought and sold shares of the company. Coldstream Capital Management Inc. grew its stake in Allstate by 0.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider’s stock valued at $1,625,000 after purchasing an additional 50 shares in the last quarter. Compound Planning Inc. raised its stake in shares of Allstate by 1.6% during the 4th quarter. Compound Planning Inc. now owns 3,216 shares of the insurance provider’s stock worth $669,000 after purchasing an additional 50 shares in the last quarter. Cullen Frost Bankers Inc. boosted its holdings in shares of Allstate by 0.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider’s stock valued at $1,210,000 after buying an additional 52 shares during the last quarter. Root Financial Partners LLC grew its stake in shares of Allstate by 4.7% in the first quarter. Root Financial Partners LLC now owns 1,170 shares of the insurance provider’s stock valued at $243,000 after buying an additional 53 shares in the last quarter. Finally, Montag A & Associates Inc. grew its stake in shares of Allstate by 10.2% in the fourth quarter. Montag A & Associates Inc. now owns 596 shares of the insurance provider’s stock valued at $125,000 after buying an additional 55 shares in the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Trading Up 1.7%

Shares of Allstate stock opened at $262.08 on Thursday. 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 business has a fifty day simple moving average of $252.60 and a two-hundred day simple moving average of $226.21. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22. The company has a market capitalization of $66.27 billion, a price-to-earnings ratio of 5.23, a P/E/G ratio of 0.39 and a beta of 0.16.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The company’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the company earned $5.94 earnings per share. Research analysts forecast that The Allstate Corporation will post 34.45 EPS for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a $1.08 dividend. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.6%. Allstate’s dividend payout ratio is 8.63%.

Insider Activity at Allstate

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This represents a 40.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the sale, the director owned 2,225 shares of the company’s stock, valued at $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 91,446 shares of company stock worth $24,208,675. Insiders own 1.55% of the company’s stock.

Analyst Ratings Changes

ALL has been the topic of several analyst reports. HSBC lowered shares of Allstate from a “buy” rating to a “hold” rating and upped their price target for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Piper Sandler lifted their price objective on shares of Allstate from $268.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $315.00 target price on shares of Allstate in a report on Tuesday, August 11th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $280.00 target price on shares of Allstate in a research note on Friday, August 7th. Four analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $265.26.

Allstate 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.