Summit Global Investments Sells 11,800 Shares of The Allstate Corporation $ALL

Summit Global Investments decreased its position in shares of The Allstate Corporation (NYSE:ALL) by 69.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,219 shares of the insurance provider’s stock after selling 11,800 shares during the period. Summit Global Investments’ holdings in Allstate were worth $1,158,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Gables Capital Management Inc. bought a new position in shares of Allstate during the 2nd quarter valued at $26,000. Kelleher Financial Advisors purchased a new stake in shares of Allstate during the second quarter worth about $28,000. Evolution Wealth Management Inc. grew its stake in shares of Allstate by 7,000.0% in the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 140 shares during the last quarter. Allied Private Wealth LLC bought a new stake in Allstate in the second quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Allstate in the first quarter valued at $30,000. Institutional investors own 76.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ALL shares. Argus set a $238.00 price objective on shares of Allstate in a report on Friday, August 28th. Atlantic Securities set a $319.00 price target on Allstate in a research note on Wednesday, July 15th. The Goldman Sachs Group lowered their price target on Allstate from $280.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, October 1st. Bank of America lifted their target price on shares of Allstate from $336.00 to $340.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Finally, Weiss Ratings upgraded shares of Allstate from a “buy (a)” rating to a “buy (a+)” rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $270.19.

Insider Activity

In related news, insider John 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 completion of the sale, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. This trade represents a 71.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Mario Rizzo sold 56,225 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is currently owned by company insiders.

Allstate Trading Down 0.1%

Shares of ALL opened at $259.66 on Monday. The firm has a market capitalization of $65.66 billion, a price-to-earnings ratio of 5.18, a PEG ratio of 0.57 and a beta of 0.13. 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 Allstate Corporation has a 1-year low of $188.15 and a 1-year high of $277.22. The company has a 50-day moving average of $245.39 and a 200 day moving average of $228.12.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping analysts’ consensus estimates of $6.06 by $2.93. The company had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.94 earnings per share. On average, research analysts expect that The Allstate Corporation will post 36.21 EPS for the current year.

About Allstate

Allstate Corp. (NYSE: ALL) is an insurance company that provides protection products and related services primarily in the United States. Its offerings include automobile, homeowners, renters, condominium, motorcycle and other personal property and casualty insurance, distributed through agents, brokers, direct channels and digital platforms.

The company also provides roadside assistance, identity-protection services and protection plans for consumer products. Through its acquisition of National General, Allstate expanded its presence in independent-agent distribution and specialty personal insurance.