OP Asset Management Ltd Invests $7.45 Million in The Allstate Corporation $ALL

OP Asset Management Ltd bought a new position in shares of The Allstate Corporation (NYSE:ALL) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 35,914 shares of the insurance provider’s stock, valued at approximately $7,446,000.

Several other hedge funds have also recently bought and sold shares of the business. CIBC Bancorp USA Inc. purchased a new stake in shares of Allstate in the third quarter worth about $7,814,000. Elo Mutual Pension Insurance Co raised its holdings in shares of Allstate by 39.6% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 40,298 shares of the insurance provider’s stock valued at $8,650,000 after buying an additional 11,431 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Allstate by 5.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock worth $112,533,000 after acquiring an additional 26,586 shares in the last quarter. Mezzasalma Advisors LLC lifted its position in Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider’s stock worth $4,875,000 after acquiring an additional 8,837 shares in the last quarter. Finally, Meyer Handelman Co. boosted its holdings in Allstate by 4.8% in the 4th quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider’s stock worth $43,043,000 after acquiring an additional 9,438 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Stock Performance

Shares of ALL opened at $231.74 on Friday. The business’s 50 day moving average is $217.25 and its two-hundred day moving average is $209.89. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $237.10. The firm has a market cap of $59.65 billion, a price-to-earnings ratio of 5.11, a PEG ratio of 0.41 and a beta of 0.18. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The business had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $3.53 earnings per share. Analysts forecast that The Allstate Corporation will post 29.75 EPS for the current fiscal year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, June 1st. Allstate’s dividend payout ratio is 9.53%.

Insiders Place Their Bets

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $17,991,267.60. The trade was a 18.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 22,353 shares of company stock valued at $4,851,560 in the last ninety days. Corporate insiders own 1.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of Allstate from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $266.00 to $242.00 in a research report on Monday, June 8th. Zacks Research downgraded shares of Allstate from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Allstate in a report on Thursday, June 18th. Barclays lifted their price target on shares of Allstate from $207.00 to $208.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 8th. Finally, Mizuho cut their price objective on shares of Allstate from $281.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Allstate currently has an average rating of “Moderate Buy” and a consensus price target of $240.33.

Allstate 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.