State of Michigan Retirement System Raises Stake in The Allstate Co. (NYSE:ALL)

State of Michigan Retirement System boosted its holdings in shares of The Allstate Co. (NYSE:ALL) by 0.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 71,889 shares of the insurance provider’s stock after buying an additional 200 shares during the quarter. State of Michigan Retirement System’s holdings in Allstate were worth $12,438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ALL. Vanguard Group Inc. lifted its position in Allstate by 11.5% during the third quarter. Vanguard Group Inc. now owns 32,270,589 shares of the insurance provider’s stock valued at $3,595,266,000 after purchasing an additional 3,322,673 shares during the period. Wellington Management Group LLP boosted its stake in shares of Allstate by 2.1% in the third quarter. Wellington Management Group LLP now owns 3,831,852 shares of the insurance provider’s stock worth $426,907,000 after buying an additional 77,295 shares during the last quarter. Morgan Stanley grew its holdings in Allstate by 16.9% during the third quarter. Morgan Stanley now owns 3,701,607 shares of the insurance provider’s stock worth $412,396,000 after acquiring an additional 536,137 shares during the period. Allspring Global Investments Holdings LLC raised its position in Allstate by 0.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,629,870 shares of the insurance provider’s stock valued at $508,109,000 after acquiring an additional 27,766 shares in the last quarter. Finally, Norges Bank purchased a new stake in Allstate in the 4th quarter worth approximately $212,771,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Evercore ISI boosted their target price on shares of Allstate from $166.00 to $173.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Morgan Stanley increased their target price on shares of Allstate from $187.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. HSBC upgraded Allstate from a “hold” rating to a “buy” rating and lifted their price target for the company from $158.00 to $190.00 in a research note on Thursday, March 28th. Piper Sandler increased their price target on Allstate from $172.00 to $188.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $194.00 price objective on shares of Allstate in a research report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.88.

Allstate Trading Down 0.3 %

NYSE ALL traded down $0.41 on Tuesday, reaching $160.13. 1,245,793 shares of the company were exchanged, compared to its average volume of 1,597,147. The Allstate Co. has a fifty-two week low of $100.57 and a fifty-two week high of $177.37. The stock has a market capitalization of $42.26 billion, a P/E ratio of 35.34, a price-to-earnings-growth ratio of 1.88 and a beta of 0.48. The business’s fifty day moving average price is $165.57 and its 200 day moving average price is $160.33. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $5.13 earnings per share for the quarter, beating the consensus estimate of $4.11 by $1.02. Allstate had a net margin of 2.31% and a return on equity of 14.44%. The firm had revenue of $15.26 billion for the quarter, compared to analysts’ expectations of $12.76 billion. During the same quarter in the previous year, the company posted ($1.30) EPS. The company’s revenue was up 10.7% compared to the same quarter last year. Analysts forecast that The Allstate Co. will post 12.15 earnings per share for the current year.

Allstate Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, May 31st were issued a dividend of $0.92 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.30%. Allstate’s dividend payout ratio is currently 81.24%.

About Allstate

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.