Franklin Resources Inc. Grows Stock Position in The Allstate Corporation $ALL

Franklin Resources Inc. increased its position in shares of The Allstate Corporation (NYSE:ALL) by 29.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,007,549 shares of the insurance provider’s stock after purchasing an additional 1,131,172 shares during the quarter. Franklin Resources Inc.’s holdings in Allstate were worth $1,042,321,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Dorato Capital Management purchased a new stake in shares of Allstate during the 4th quarter valued at approximately $27,000. Navalign LLC purchased a new stake in shares of Allstate during the 4th quarter valued at approximately $27,000. Princeton Global Asset Management LLC raised its position in shares of Allstate by 101.3% during the 4th quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider’s stock valued at $31,000 after buying an additional 76 shares during the period. Palisade Asset Management LLC purchased a new stake in shares of Allstate during the 3rd quarter valued at approximately $31,000. Finally, South Plains Financial Inc. raised its position in shares of Allstate by 41.5% during the 3rd quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider’s stock valued at $36,000 after buying an additional 49 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Insider Transactions at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the sale, the director owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. This represents a 18.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is currently owned by company insiders.

Allstate Stock Down 0.0%

Shares of NYSE ALL opened at $220.98 on Monday. The firm has a market cap of $56.88 billion, a price-to-earnings ratio of 4.87, a PEG ratio of 0.40 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. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $227.62. The business’s 50 day moving average is $213.31 and its two-hundred day moving average is $208.65.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.53 earnings per share. Research analysts predict that The Allstate Corporation will post 29.43 EPS for the current year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.0%. Allstate’s dividend payout ratio is currently 9.53%.

Wall Street Analyst Weigh In

Several research firms have recently commented on ALL. Raymond James Financial reaffirmed a “strong-buy” rating and set a $260.00 price target on shares of Allstate in a research report on Tuesday, March 3rd. Mizuho cut their target price on Allstate from $281.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. The Goldman Sachs Group reissued a “neutral” rating and issued a $231.00 target price on shares of Allstate in a research report on Thursday, March 5th. Wall Street Zen lowered Allstate from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Weiss Ratings raised Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Allstate has a consensus rating of “Moderate Buy” and an average price target of $241.67.

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.