Flputnam Investment Management Co. Buys New Stake in The Allstate Corporation $ALL

Flputnam Investment Management Co. purchased a new stake in The Allstate Corporation (NYSE:ALL) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,447 shares of the insurance provider’s stock, valued at approximately $1,058,000.

Several other institutional investors and hedge funds have also made changes to their positions in ALL. Global Retirement Partners LLC purchased a new stake in Allstate in the second quarter valued at approximately $2,444,000. 1ST Source Bank acquired a new stake in shares of Allstate during the 2nd quarter valued at about $7,270,000. Bank of New York Mellon Corp purchased a new stake in shares of Allstate in the second quarter valued at approximately $425,484,000. State of Wyoming purchased a new stake in Allstate in the 2nd quarter worth $962,000. Finally, ABN AMRO Bank N.V. acquired a new position in shares of Allstate during the 2nd quarter worth about $4,694,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ALL. Barclays raised their target price on shares of Allstate from $213.00 to $226.00 and gave the stock an “underweight” rating in a research note on Thursday, August 6th. HSBC cut shares of Allstate from a “buy” rating to a “hold” rating and increased their price objective for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Raymond James Financial restated a “strong-buy” rating and set a $315.00 target price on shares of Allstate in a report on Tuesday, August 11th. JPMorgan Chase & Co. raised their price target on shares of Allstate from $282.00 to $292.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler boosted their price objective on Allstate from $268.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $265.53.

Allstate Trading Down 1.4%

NYSE:ALL opened at $257.88 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22. The stock has a fifty day moving average price of $247.38 and a two-hundred day moving average price of $223.47. The stock has a market capitalization of $65.21 billion, a price-to-earnings ratio of 5.15, a PEG ratio of 0.41 and a beta of 0.16.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts’ consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The company had revenue of $15.43 billion for the quarter, compared to the consensus estimate of $15.46 billion. During the same period in the previous year, the business earned $5.94 earnings per share. Allstate’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Allstate Corporation will post 33.92 earnings per share for the current fiscal year.

Allstate Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.7%. Allstate’s dividend payout ratio is currently 8.63%.

Insider Activity at Allstate

In other Allstate news, insider John E. Dugenske sold 32,996 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $269.33, for a total value of $8,886,812.68. Following the completion of the transaction, the insider owned 13,054 shares in the company, valued at $3,515,833.82. This represents a 71.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction 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 sale, the chief operating officer owned 82,227 shares of the company’s stock, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 92,996 shares of company stock worth $24,543,894. 1.55% of the stock is currently owned by company insiders.

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.