Sumitomo Mitsui Trust Group Inc. Sells 32,478 Shares of The Allstate Corporation $ALL

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of The Allstate Corporation (NYSE:ALL) by 5.1% during the first quarter, Holdings Channel reports. The firm owned 610,177 shares of the insurance provider’s stock after selling 32,478 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Allstate were worth $126,514,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ALL. Norges Bank acquired a new stake in Allstate in the 4th quarter valued at $531,294,000. GQG Partners LLC raised its stake in Allstate by 36.0% during the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Allstate by 29.2% during the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Allstate by 1,766.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider’s stock valued at $180,911,000 after acquiring an additional 822,583 shares during the period. Finally, Woodline Partners LP acquired a new stake in shares of Allstate in the 3rd quarter valued at $148,641,000. 76.47% of the stock is owned by institutional investors and hedge funds.

Key Allstate News

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Mizuho raised its price target on Allstate to $272 from $255 and kept an outperform rating, signaling confidence that the stock still has upside from recent levels.
• Positive Sentiment: Several recent articles argued that Allstate looks undervalued after earnings and may benefit from a relatively favorable catastrophe year, which could help underwriting results and profits.
• Neutral Sentiment: Allstate declared a quarterly dividend of $1.08 per share, reinforcing shareholder returns but not necessarily changing the near-term trading story.
• Neutral Sentiment: Comparative coverage versus Progressive and other insurance peers kept attention on Allstate’s valuation, but this was more of a relative-stock discussion than a direct catalyst.
• Negative Sentiment: Oklahoma Attorney General Gentner Drummond sued Allstate, alleging the insurer defrauded customers, adding a fresh legal overhang that could raise compliance and settlement concerns. Article Title
• Negative Sentiment: Allstate also drew attention after accusing Broadcom of auditing it because it ended its VMware/CA relationship, another sign of ongoing legal or contractual friction. Article Title

Allstate Trading Up 1.2%

ALL stock traded up $3.00 during trading on Friday, hitting $251.64. The company had a trading volume of 1,041,559 shares, compared to its average volume of 1,803,435. The firm has a 50-day moving average price of $224.15 and a 200-day moving average price of $213.01. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $257.67. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The stock has a market cap of $64.78 billion, a price-to-earnings ratio of 5.55, a PEG ratio of 0.44 and a beta of 0.16.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating the consensus estimate of $7.31 by $3.34. The company had revenue of $16.94 billion during the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm earned $3.53 EPS. As a group, analysts predict that The Allstate Corporation will post 29.84 earnings per share for the current year.

Allstate Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

Insiders Place Their Bets

In other news, insider Mark Q. Prindiville sold 1,550 shares of the firm’s 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 transaction, the insider owned 27,558 shares of the company’s stock, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of Allstate 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 approximately $451,474.75. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ALL has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Allstate from $242.00 to $255.00 and gave the stock a “market perform” rating in a research report on Wednesday. HSBC lowered shares of Allstate from a “buy” rating to a “hold” rating and boosted their price target for the company from $244.00 to $264.00 in a research report on Monday, July 6th. Zacks Research lowered shares of Allstate from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research note on Thursday, May 28th. Finally, Barclays increased their price target on Allstate from $203.00 to $213.00 and gave the stock an “underweight” rating in a research report on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $248.26.

Allstate Company 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.