OFI Invest Asset Management Invests $23.07 Million in The Allstate Corporation $ALL

OFI Invest Asset Management bought a new position in shares of The Allstate Corporation (NYSE:ALL) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 110,853 shares of the insurance provider’s stock, valued at approximately $23,074,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Truist Financial Corp increased its stake in shares of Allstate by 4.7% during the third quarter. Truist Financial Corp now owns 123,461 shares of the insurance provider’s stock worth $26,501,000 after purchasing an additional 5,542 shares in the last quarter. Davis Capital Management purchased a new stake in shares of Allstate during the third quarter worth about $2,767,000. First Horizon Corp purchased a new stake in shares of Allstate during the third quarter worth about $11,109,000. Coastal Bridge Advisors LLC increased its stake in shares of Allstate by 530.6% during the third quarter. Coastal Bridge Advisors LLC now owns 18,174 shares of the insurance provider’s stock worth $3,901,000 after purchasing an additional 15,292 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its stake in shares of Allstate by 6.9% during the third quarter. Jones Financial Companies Lllp now owns 189,718 shares of the insurance provider’s stock worth $40,489,000 after purchasing an additional 12,225 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Stock Performance

Allstate stock opened at $212.20 on Thursday. The firm has a 50 day simple moving average of $207.17 and a 200-day simple moving average of $205.29. The Allstate Corporation has a 1-year low of $180.00 and a 1-year high of $216.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.37 and a quick ratio of 0.37. The stock has a market cap of $55.07 billion, a price-to-earnings ratio of 5.56, a price-to-earnings-growth ratio of 0.42 and a beta of 0.22.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, February 4th. The insurance provider reported $14.31 earnings per share for the quarter, beating the consensus estimate of $8.72 by $5.59. Allstate had a net margin of 15.19% and a return on equity of 39.20%. The business had revenue of $17.35 billion during the quarter, compared to analysts’ expectations of $17.23 billion. During the same quarter in the prior year, the company posted $7.67 EPS. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, analysts expect that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd were paid a $1.08 dividend. This is a positive change from Allstate’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $4.32 annualized dividend and a dividend yield of 2.0%. Allstate’s dividend payout ratio is currently 11.31%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ALL. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $220.00 price objective on shares of Allstate in a research note on Thursday, February 5th. Barclays upped their price objective on shares of Allstate from $207.00 to $208.00 and gave the company an “underweight” rating in a research note on Wednesday. Zacks Research cut shares of Allstate from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Raymond James Financial reaffirmed a “strong-buy” rating and set a $260.00 price objective on shares of Allstate in a research note on Tuesday, March 3rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $215.00 price objective (down from $245.00) on shares of Allstate in a research note on Tuesday, December 16th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $238.53.

About Allstate

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.