The Allstate Corporation $ALL Shares Sold by Summit Global Investments

Summit Global Investments cut its stake in shares of The Allstate Corporation (NYSE:ALL) by 69.3% in the third quarter, HoldingsChannel.com reports. The fund owned 5,219 shares of the insurance provider’s stock after selling 11,800 shares during the period. Summit Global Investments’ holdings in Allstate were worth $1,158,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALL. Gilliland Jeter Wealth Management LLC raised its position in shares of Allstate by 1.0% during the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 9,726 shares of the insurance provider’s stock worth $2,158,000 after purchasing an additional 101 shares during the last quarter. Aprio Wealth Management LLC boosted its holdings in Allstate by 8.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 6,046 shares of the insurance provider’s stock worth $1,341,000 after buying an additional 455 shares during the last quarter. Avestar Capital LLC increased its stake in Allstate by 58.9% during the 3rd quarter. Avestar Capital LLC now owns 2,608 shares of the insurance provider’s stock worth $580,000 after buying an additional 967 shares in the last quarter. Modera Wealth Management LLC increased its stake in Allstate by 9.2% during the 3rd quarter. Modera Wealth Management LLC now owns 2,459 shares of the insurance provider’s stock worth $546,000 after buying an additional 208 shares in the last quarter. Finally, CHICAGO TRUST Co NA increased its stake in Allstate by 5.1% during the 3rd quarter. CHICAGO TRUST Co NA now owns 7,449 shares of the insurance provider’s stock worth $1,653,000 after buying an additional 364 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Stock Down 0.1%

ALL stock opened at $259.66 on Monday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average of $245.39 and a two-hundred day moving average of $228.12. The Allstate Corporation has a 12 month low of $188.15 and a 12 month high of $277.22. The company has a market cap of $65.66 billion, a price-to-earnings ratio of 5.18, a PEG ratio of 0.57 and a beta of 0.13.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.06 by $2.93. The business had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%. The business’s revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $5.94 earnings per share. As a group, analysts forecast that The Allstate Corporation will post 36.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This trade represents a 40.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction on Friday, August 7th. The stock was sold at an average price of $269.33, for a total value of $8,886,812.68. Following the transaction, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALL shares. Atlantic Securities set a $319.00 target price on Allstate in a research report on Wednesday, July 15th. Piper Sandler reaffirmed an “overweight” rating on shares of Allstate in a research note on Monday, September 28th. Keefe, Bruyette & Woods dropped their price target on Allstate from $250.00 to $232.00 and set an “underperform” rating for the company in a research report on Monday, October 12th. Barclays reduced their price objective on Allstate from $226.00 to $221.00 and set an “underweight” rating for the company in a research note on Wednesday, October 7th. Finally, Wells Fargo & Company upgraded Allstate from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $250.00 to $236.00 in a report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $270.19.

About Allstate

Allstate Corp. (NYSE: ALL) is an insurance company that provides protection products and related services primarily in the United States. Its offerings include automobile, homeowners, renters, condominium, motorcycle and other personal property and casualty insurance, distributed through agents, brokers, direct channels and digital platforms.

The company also provides roadside assistance, identity-protection services and protection plans for consumer products. Through its acquisition of National General, Allstate expanded its presence in independent-agent distribution and specialty personal insurance.