NewEdge Wealth LLC Lowers Holdings in The Allstate Corporation $ALL

NewEdge Wealth LLC decreased its position in shares of The Allstate Corporation (NYSE:ALL) by 55.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,620 shares of the insurance provider’s stock after selling 4,483 shares during the quarter. NewEdge Wealth LLC’s holdings in Allstate were worth $751,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ALL. MV Capital Management Inc. purchased a new stake in Allstate in the fourth quarter worth about $25,000. Navalign LLC purchased a new position in Allstate during the 4th quarter valued at about $27,000. Dorato Capital Management bought a new stake in shares of Allstate in the 4th quarter valued at about $27,000. Evolution Wealth Management Inc. raised its holdings in shares of Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 140 shares in the last quarter. Finally, Palisade Asset Management LLC purchased a new stake in shares of Allstate in the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Insider Activity

In other news, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction on 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 trade represents a 18.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 22,353 shares of company stock worth $4,851,560. Insiders own 1.55% of the company’s stock.

Allstate Stock Up 0.5%

Shares of Allstate stock opened at $261.37 on Tuesday. 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 company has a market cap of $67.28 billion, a P/E ratio of 5.77, a PEG ratio of 0.45 and a beta of 0.16. The firm’s 50 day moving average price is $231.96 and its 200-day moving average price is $216.45. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $262.24.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 17.81% and a return on equity of 42.66%. Allstate’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.53 earnings per share. On average, sell-side analysts predict that The Allstate Corporation will post 30.51 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate’s dividend payout ratio is currently 9.53%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ALL shares. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research note on Thursday, May 28th. Barclays boosted their price objective on shares of Allstate from $203.00 to $213.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 7th. UBS Group cut Allstate from a “buy” rating to a “neutral” rating and increased their target price for the company from $255.00 to $261.00 in a research report on Wednesday, July 15th. Morgan Stanley lifted their price target on Allstate from $215.00 to $240.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Finally, HSBC lowered Allstate from a “buy” rating to a “hold” rating and boosted their price target for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Allstate presently has a consensus rating of “Moderate Buy” and a consensus target price of $254.80.

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.