Corebridge Financial Inc. Sells 2,872 Shares of The Allstate Co. (NYSE:ALL)

Corebridge Financial Inc. decreased its holdings in The Allstate Co. (NYSE:ALL) by 4.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,158 shares of the insurance provider’s stock after selling 2,872 shares during the quarter. Corebridge Financial Inc.’s holdings in Allstate were worth $12,176,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ALL. VSM Wealth Advisory LLC bought a new stake in shares of Allstate in the fourth quarter valued at approximately $25,000. FSA Wealth Management LLC bought a new stake in shares of Allstate during the 3rd quarter valued at $26,000. Twin Tree Management LP acquired a new stake in shares of Allstate during the 4th quarter worth $27,000. Vision Financial Markets LLC acquired a new stake in shares of Allstate during the 4th quarter worth $29,000. Finally, Hopwood Financial Services Inc. bought a new position in shares of Allstate in the fourth quarter worth $29,000. Institutional investors own 76.47% of the company’s stock.

Insider Activity

In related news, CFO Jesse E. Merten sold 40,102 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $186.53, for a total value of $7,480,226.06. Following the sale, the chief financial officer now directly owns 18,115 shares in the company, valued at $3,378,990.95. This represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALL. Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. Keefe, Bruyette & Woods increased their price target on shares of Allstate from $235.00 to $240.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Evercore ISI upgraded shares of Allstate from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 8th. Wells Fargo & Company raised their target price on Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, January 14th. Finally, Piper Sandler boosted their price target on Allstate from $206.00 to $244.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $217.94.

Allstate Stock Up 0.4 %

Shares of NYSE ALL opened at $208.14 on Wednesday. The company has a 50 day simple moving average of $194.67 and a 200 day simple moving average of $193.43. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40. The Allstate Co. has a 1 year low of $156.66 and a 1 year high of $212.91. The firm has a market cap of $55.16 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.40 by $2.27. Allstate had a net margin of 7.28% and a return on equity of 28.20%. On average, research analysts forecast that The Allstate Co. will post 18.74 EPS for the current year.

Allstate announced that its board has approved a share buyback plan on Wednesday, February 26th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Allstate Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Monday, March 10th. This is a positive change from Allstate’s previous quarterly dividend of $0.92. Allstate’s payout ratio is 23.54%.

Allstate 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.