Norges Bank Acquires New Stake in The Allstate Corporation $ALL

Norges Bank acquired a new stake in The Allstate Corporation (NYSE:ALL) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,552,457 shares of the insurance provider’s stock, valued at approximately $531,294,000.

Several other large investors have also recently added to or reduced their stakes in the business. State Street Corp increased its stake in Allstate by 0.7% during the 3rd quarter. State Street Corp now owns 11,859,517 shares of the insurance provider’s stock worth $2,557,362,000 after buying an additional 85,468 shares during the period. Boston Partners increased its stake in Allstate by 14.9% during the 3rd quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock worth $654,652,000 after buying an additional 395,195 shares during the period. Raymond James Financial Inc. increased its stake in Allstate by 3.3% during the 2nd quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider’s stock worth $562,388,000 after buying an additional 88,620 shares during the period. Dimensional Fund Advisors LP increased its stake in Allstate by 18.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,606,451 shares of the insurance provider’s stock worth $559,435,000 after buying an additional 401,700 shares during the period. Finally, Legal & General Group Plc increased its stake in Allstate by 6.7% during the 3rd quarter. Legal & General Group Plc now owns 2,011,214 shares of the insurance provider’s stock worth $431,707,000 after buying an additional 126,401 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Trading Up 0.2%

Shares of NYSE:ALL opened at $206.51 on Monday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $227.62. The company’s 50 day moving average is $212.70 and its two-hundred day moving average is $208.59. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The company has a market cap of $53.16 billion, a PE ratio of 4.56, a P/E/G ratio of 0.37 and a beta of 0.19.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same period in the prior year, the firm posted $3.53 EPS. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Equities analysts predict that The Allstate Corporation will post 29.11 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be issued a $1.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.1%. Allstate’s dividend payout ratio is presently 9.53%.

Allstate News Roundup

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Allstate remains fundamentally strong after its latest quarter, with earnings per share and revenue both beating expectations, which supports the bull case for the stock. Insider Selling: Allstate (NYSE:ALL) Insider Sells 1,550 Shares of Stock
• Positive Sentiment: Several analyst and research notes continue to frame Allstate as undervalued or fairly attractive, and the stock still carries a moderate buy consensus with a higher average price target. Allstate (ALL) Down 4.6% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: Allstate announced estimated April catastrophe losses of $870 million pre-tax, which is a reminder that weather-related claims can create earnings volatility and may temper sentiment near term. Is Allstate (ALL) the Most Undervalued Stock to Invest In?
• Neutral Sentiment: A consumer-focused article highlighting car insurance for road trips is not a direct company-specific catalyst, but it keeps attention on auto insurance demand and the broader insurance category. Driving instead of flying? Here’s the best car insurance for road trips
• Negative Sentiment: One insider sold 1,550 shares, and while the sale was small relative to the company, insider selling can weigh on short-term sentiment. Insider Selling: Allstate (NYSE:ALL) Insider Sells 1,550 Shares of Stock

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ALL shares. Keefe, Bruyette & Woods upped their target price on shares of Allstate from $260.00 to $266.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Barclays upped their price target on Allstate from $207.00 to $208.00 and gave the stock an “underweight” rating in a report on Wednesday, April 8th. Weiss Ratings upgraded Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, March 23rd. Wall Street Zen downgraded Allstate from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $231.00 price target on shares of Allstate in a report on Thursday, March 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Allstate currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.67.

Insider Transactions at Allstate

In other news, COO Mario Rizzo sold 18,578 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the transaction, the chief operating officer owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.55% of the company’s stock.

About Allstate

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.