Resources Investment Advisors LLC. Reduces Stake in The Allstate Co. (NYSE:ALL)

Posted by Defense World Staff on Aug 25th, 2023

Resources Investment Advisors LLC. reduced its position in The Allstate Co. (NYSE:ALL – Free Report) by 17.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,333 shares of the insurance provider’s stock after selling 485 shares during the period. Resources Investment Advisors LLC.’s holdings in Allstate were worth $258,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Sei Investments Co. grew its holdings in Allstate by 40.2% during the 1st quarter. Sei Investments Co. now owns 187,869 shares of the insurance provider’s stock valued at $26,022,000 after buying an additional 53,824 shares during the last quarter. Prudential PLC purchased a new stake in shares of Allstate during the first quarter worth about $1,325,000. Cetera Investment Advisers increased its position in shares of Allstate by 13.9% during the first quarter. Cetera Investment Advisers now owns 23,536 shares of the insurance provider’s stock worth $3,260,000 after acquiring an additional 2,874 shares during the last quarter. Dakota Wealth Management purchased a new stake in shares of Allstate during the first quarter worth about $270,000. Finally, Sequoia Financial Advisors LLC increased its position in shares of Allstate by 36.2% during the first quarter. Sequoia Financial Advisors LLC now owns 3,237 shares of the insurance provider’s stock worth $448,000 after acquiring an additional 860 shares during the last quarter. 75.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Allstate news, Director Judith A. Sprieser sold 1,565 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $111.22, for a total value of $174,059.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.

Allstate Trading Down 0.3 %

Allstate stock opened at $105.35 on Friday. The stock has a market cap of $27.56 billion, a P/E ratio of -10.18 and a beta of 0.57. The Allstate Co. has a 12 month low of $100.57 and a 12 month high of $142.15. The company’s fifty day simple moving average is $108.65 and its 200-day simple moving average is $114.72. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.59.

Allstate (NYSE:ALL – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported ($4.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.83) by ($0.59). The firm had revenue of $13.98 billion for the quarter, compared to the consensus estimate of $12.30 billion. Allstate had a negative net margin of 4.80% and a negative return on equity of 14.69%. The firm’s revenue was up 14.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.76) earnings per share. As a group, sell-side analysts forecast that The Allstate Co. will post -1.99 EPS for the current fiscal year.

Allstate Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.89 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $3.56 annualized dividend and a yield of 3.38%. Allstate’s dividend payout ratio is -34.40%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ALL shares. Morgan Stanley reissued an “equal weight” rating and issued a $117.00 price objective on shares of Allstate in a report on Tuesday, August 1st. Bank of America lowered their price objective on Allstate from $143.00 to $138.00 in a report on Wednesday, August 2nd. Piper Sandler lowered their price objective on Allstate from $137.00 to $124.00 and set an “overweight” rating for the company in a report on Thursday, August 3rd. StockNews.com started coverage on Allstate in a report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Raymond James lowered their price objective on Allstate from $155.00 to $145.00 and set a “strong-buy” rating for the company in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Allstate currently has an average rating of “Moderate Buy” and an average target price of $135.31.

Check Out Our Latest Report on ALL

About Allstate

(Free Report)

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; other personal lines products; and commercial lines products under the Allstate and Encompass brand names.