The Allstate Co. (NYSE:ALL) Shares Bought by Comerica Bank

Posted by Defense World Staff on Apr 9th, 2023

Comerica Bank lifted its holdings in shares of The Allstate Co. (NYSE:ALL – Get Rating) by 24.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 73,330 shares of the insurance provider’s stock after purchasing an additional 14,243 shares during the quarter. Comerica Bank’s holdings in Allstate were worth $9,937,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in ALL. Accurate Wealth Management LLC purchased a new position in Allstate in the 4th quarter valued at approximately $27,000. Cowa LLC acquired a new stake in shares of Allstate in the first quarter valued at $30,000. Standard Family Office LLC purchased a new position in Allstate in the third quarter valued at $37,000. First Personal Financial Services acquired a new position in Allstate during the 3rd quarter worth $43,000. Finally, Hexagon Capital Partners LLC increased its holdings in Allstate by 28.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 356 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 78 shares during the period. Institutional investors and hedge funds own 77.48% of the company’s stock.

Insider Buying and Selling

In other Allstate news, CFO Jesse E. Merten sold 29,451 shares of the company’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $134.18, for a total transaction of $3,951,735.18. Following the completion of the sale, the chief financial officer now directly owns 16,668 shares of the company’s stock, valued at approximately $2,236,512.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.77% of the company’s stock.

Allstate Trading Up 0.3 %

NYSE:ALL opened at $115.22 on Friday. The company has a market capitalization of $30.34 billion, a PE ratio of -21.66, a P/E/G ratio of 2.51 and a beta of 0.57. The Allstate Co. has a 52-week low of $103.20 and a 52-week high of $144.46. The stock’s 50 day moving average price is $122.76 and its 200 day moving average price is $128.23. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.52.

Allstate (NYSE:ALL – Get Rating) last announced its earnings results on Thursday, February 2nd. The insurance provider reported ($1.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.01. Allstate had a negative net margin of 2.55% and a negative return on equity of 1.04%. The business had revenue of $13.55 billion for the quarter, compared to analyst estimates of $13.45 billion. During the same period last year, the firm posted $2.75 earnings per share. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, research analysts anticipate that The Allstate Co. will post 6.54 EPS for the current year.

Allstate Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Tuesday, February 28th were paid a dividend of $0.89 per share. This is an increase from Allstate’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Monday, February 27th. This represents a $3.56 annualized dividend and a dividend yield of 3.09%. Allstate’s dividend payout ratio is -66.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on Allstate from $104.00 to $100.00 and set an “underweight” rating for the company in a research report on Wednesday. StockNews.com began coverage on shares of Allstate in a report on Thursday, March 16th. They set a “hold” rating for the company. Citigroup reduced their price objective on shares of Allstate from $160.00 to $150.00 in a report on Thursday, January 19th. William Blair upgraded shares of Allstate from a “market perform” rating to an “outperform” rating in a research note on Monday, April 3rd. Finally, Evercore ISI cut their price target on Allstate from $138.00 to $132.00 and set an “in-line” rating on the stock in a research note on Thursday, March 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Allstate has an average rating of “Hold” and a consensus target price of $145.54.

About Allstate

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The Allstate Corp. engages in the property and casualty insurance business and the provision of protection solutions. It operates through following business segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property-Liability, and Corporate and Other. The Allstate Protection segment offers private passenger auto, homeowners, other personal lines, and commercial insurance marketed under the Allstate, National General, and Answer Financial brand names.