Atlantic Union Bankshares Corp Decreases Position in The Allstate Co. (NYSE:ALL)

Atlantic Union Bankshares Corp decreased its position in The Allstate Co. (NYSE:ALL) by 9.8% during the 2nd quarter, Holdings Channel reports. The firm owned 4,155 shares of the insurance provider’s stock after selling 450 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Allstate were worth $663,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Allstate in the 1st quarter valued at about $25,000. Rise Advisors LLC purchased a new stake in shares of Allstate in the first quarter valued at about $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Allstate in the first quarter valued at approximately $26,000. Private Wealth Management Group LLC acquired a new position in shares of Allstate during the 4th quarter worth approximately $25,000. Finally, Versant Capital Management Inc lifted its stake in Allstate by 70.9% in the 2nd quarter. Versant Capital Management Inc now owns 188 shares of the insurance provider’s stock valued at $30,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Allstate Stock Down 0.4 %

Shares of ALL opened at $180.51 on Friday. The Allstate Co. has a fifty-two week low of $104.70 and a fifty-two week high of $184.30. The company’s fifty day moving average is $168.41 and its two-hundred day moving average is $166.31. The firm has a market cap of $47.64 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 1.86 and a beta of 0.48. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.49.

Allstate (NYSE:ALL) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $1.28. The firm had revenue of $15.71 billion for the quarter, compared to analysts’ expectations of $14.04 billion. Allstate had a return on equity of 24.05% and a net margin of 5.03%. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($4.42) earnings per share. Analysts forecast that The Allstate Co. will post 13.64 earnings per share for the current year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, August 30th. Allstate’s payout ratio is currently 81.24%.

Insider Buying and Selling

In other Allstate news, CEO Thomas J. Wilson sold 90,000 shares of Allstate stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $179.34, for a total transaction of $16,140,600.00. Following the transaction, the chief executive officer now directly owns 88,552 shares of the company’s stock, valued at $15,880,915.68. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Robert Toohey sold 16,682 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $180.17, for a total value of $3,005,595.94. Following the completion of the sale, the executive vice president now owns 4,873 shares of the company’s stock, valued at $877,968.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas J. Wilson sold 90,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $179.34, for a total value of $16,140,600.00. Following the sale, the chief executive officer now owns 88,552 shares in the company, valued at $15,880,915.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,938 shares of company stock valued at $36,122,740. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ALL. Wells Fargo & Company cut their price target on Allstate from $177.00 to $175.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. StockNews.com downgraded shares of Allstate from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. BMO Capital Markets raised their price target on shares of Allstate from $191.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Allstate from $199.00 to $208.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Finally, Piper Sandler upped their price objective on shares of Allstate from $188.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Allstate currently has a consensus rating of “Moderate Buy” and an average target price of $191.94.

Allstate Company Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.