NewEdge Wealth LLC Boosts Stake in The Allstate Corporation $ALL

NewEdge Wealth LLC lifted its position in The Allstate Corporation (NYSE:ALL) by 44.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,103 shares of the insurance provider’s stock after acquiring an additional 2,499 shares during the period. NewEdge Wealth LLC’s holdings in Allstate were worth $1,687,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dorato Capital Management bought a new stake in shares of Allstate during the fourth quarter valued at approximately $27,000. Princeton Global Asset Management LLC raised its holdings in Allstate by 101.3% in the fourth quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 76 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Allstate during the third quarter valued at $31,000. South Plains Financial Inc. boosted its holdings 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 in the last quarter. Finally, Garner Asset Management Corp bought a new stake in shares of Allstate during the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Price Performance

ALL opened at $215.35 on Thursday. The firm has a market cap of $55.44 billion, a PE ratio of 4.75, a P/E/G ratio of 0.39 and a beta of 0.21. The stock has a 50-day moving average price of $211.07 and a 200-day moving average price of $206.83. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $222.23. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating the consensus estimate of $7.31 by $3.34. The company had revenue of $16.94 billion for 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%. Allstate’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm posted $3.53 EPS. Sell-side analysts predict that The Allstate Corporation will post 28.82 earnings per share for the current fiscal year.

Insider Activity at Allstate

In other news, COO Mario Rizzo sold 18,578 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the sale, the chief operating officer owned 82,227 shares in the company, valued at $17,991,267.60. This represents a 18.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALL. Weiss Ratings upgraded shares of Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, March 23rd. Zacks Research cut shares of Allstate from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Barclays upped their price objective on shares of Allstate from $207.00 to $208.00 and gave the stock an “underweight” rating in a report on Wednesday, April 8th. Piper Sandler raised their target price on shares of Allstate from $252.00 to $268.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $231.00 price target on shares of Allstate in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $241.67.

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.