The Allstate Corporation $ALL Stock Holdings Cut by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its stake in The Allstate Corporation (NYSE:ALL) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 579,182 shares of the insurance provider’s stock after selling 16,160 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Allstate were worth $128,497,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Allstate during the second quarter worth $5,439,448,000. Bank of America Corp DE bought a new position in shares of Allstate in the 2nd quarter valued at $1,410,362,000. GQG Partners LLC bought a new position in shares of Allstate in the 2nd quarter valued at $1,245,710,000. Deutsche Bank AG acquired a new stake in shares of Allstate during the 2nd quarter valued at $1,008,648,000. Finally, Legal & General Group Plc bought a new stake in shares of Allstate during the second quarter worth about $455,302,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. The Goldman Sachs Group cut their target price on shares of Allstate from $280.00 to $250.00 and set a “neutral” rating on the stock in a research report on Thursday, October 1st. Jefferies Financial Group decreased their price target on shares of Allstate from $310.00 to $292.00 and set a “buy” rating for the company in a research report on Tuesday, October 6th. JPMorgan Chase & Co. lifted their price target on shares of Allstate from $282.00 to $292.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of Allstate from a “buy (a)” rating to a “buy (a+)” rating in a research note on Thursday. Finally, Wells Fargo & Company upgraded Allstate from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $250.00 to $236.00 in a report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $270.19.

Allstate Price Performance

Allstate stock opened at $264.32 on Tuesday. The stock’s 50 day moving average is $245.60 and its 200 day moving average is $228.45. 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 $66.84 billion, a P/E ratio of 5.28, a P/E/G ratio of 0.55 and a beta of 0.13. The Allstate Corporation has a one year low of $188.15 and a one year high of $277.22.

Allstate (NYSE:ALL) last announced its earnings results 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 business 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 revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $5.94 earnings per share. As a group, research analysts expect that The Allstate Corporation will post 36.21 EPS for the current year.

Insider Activity at Allstate

In other news, insider John Dugenske sold 32,996 shares of the business’s 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 transaction, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mario Rizzo sold 56,225 shares of the business’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 transaction of $14,870,388.00. Following the completion of the transaction, the chief operating officer owned 82,227 shares in the company, valued at $21,747,396.96. This trade represents a 40.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is currently owned by company insiders.

Allstate Profile

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.