Bank of Stockton Sells 129 Shares of The Allstate Co. (NYSE:ALL)

26 Aug 2024, 02:16 by Doug Wharley · The Cerbat Gem

Bank of Stockton lowered its stake in The Allstate Co. (NYSE:ALL – Free Report) by 4.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,119 shares of the insurance provider’s stock after selling 129 shares during the period. Bank of Stockton’s holdings in Allstate were worth $498,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. SageView Advisory Group LLC bought a new stake in Allstate in the fourth quarter valued at $456,000. Rafferty Asset Management LLC boosted its holdings in Allstate by 5.7% in the fourth quarter. Rafferty Asset Management LLC now owns 92,753 shares of the insurance provider’s stock valued at $12,984,000 after acquiring an additional 4,987 shares in the last quarter. Lighthouse Investment Partners LLC bought a new stake in Allstate in the fourth quarter valued at $5,927,000. BDF Gestion bought a new stake in Allstate in the second quarter valued at $3,051,000. Finally, Mizuho Markets Americas LLC bought a new stake in Allstate in the fourth quarter valued at $52,042,000. Institutional investors own 76.47% of the company’s stock.

Allstate Stock Performance

Shares of NYSE ALL traded down $0.72 during trading on Friday, reaching $180.51. 1,527,518 shares of the company traded hands, compared to its average volume of 1,572,086. The firm has a 50 day simple moving average of $168.41 and a 200-day simple moving average of $166.31. The Allstate Co. has a 52-week low of $104.70 and a 52-week high of $184.30. The stock has a market capitalization of $47.64 billion, a PE ratio of 39.85, a P/E/G ratio of 1.86 and a beta of 0.48. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.49.

Allstate (NYSE:ALL – Get Free Report) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $1.28. The company had revenue of $15.71 billion for the quarter, compared to analysts’ expectations of $14.04 billion. Allstate had a net margin of 5.03% and a return on equity of 24.05%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the company posted ($4.42) earnings per share. Equities research analysts anticipate that The Allstate Co. will post 13.64 earnings per share for the current year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, August 30th will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Friday, August 30th. Allstate’s dividend payout ratio (DPR) is presently 81.24%.

Insider Activity at Allstate

In other Allstate news, CEO Thomas J. Wilson sold 90,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $179.34, for a total transaction of $16,140,600.00. Following the completion of the sale, the chief executive officer now directly owns 88,552 shares in the company, valued at approximately $15,880,915.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Allstate news, CEO Thomas J. Wilson sold 90,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $179.34, for a total transaction of $16,140,600.00. Following the completion of the sale, the chief executive officer now directly owns 88,552 shares of the company’s stock, valued at $15,880,915.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert Toohey sold 16,682 shares of Allstate stock in a transaction on Monday, August 19th. The stock was sold at an average price of $180.17, for a total transaction of $3,005,595.94. Following the transaction, the executive vice president now owns 4,873 shares in the company, valued at approximately $877,968.41. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 201,938 shares of company stock worth $36,122,740. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. StockNews.com lowered Allstate from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Morgan Stanley lowered their price objective on Allstate from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. BMO Capital Markets raised their price objective on Allstate from $191.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Wells Fargo & Company lowered their price objective on Allstate from $177.00 to $175.00 and set an “equal weight” rating for the company in a research report on Friday, August 16th. Finally, Piper Sandler raised their price objective on Allstate from $188.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $191.94.

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