Banco Bilbao Vizcaya Argentaria S.A. significantly increased its holdings in The Allstate Corporation, raising its position by 72.8% during the third quarter of 2023. According to a recent Form 13F filing with the Securities and Exchange Commission, the institutional investor now owns 75,113 shares of the insurance provider, a gain of 31,636 shares over the quarter. As of the latest filing, these holdings are valued at approximately $16.12 million.
A number of other institutional investors have also adjusted their positions in Allstate. For instance, Harbor Capital Advisors Inc. increased its stake by 79.7%, owning 124 shares valued at $27,000 following the acquisition of an additional 55 shares. Similarly, Barnes Dennig Private Wealth Management LLC raised its stake by 112.3%, now holding 138 shares worth $30,000.
Clearstead Trust LLC made a notable increase, boosting its holdings by an astounding 3,800.0% during the second quarter. The firm now owns 156 shares valued at $31,000. Armstrong Advisory Group Inc. and South Plains Financial Inc. also raised their stakes in Allstate by 72.0% and 41.5%, respectively.
As it stands, institutional investors now hold approximately 76.47% of Allstate’s stock.
Allstate Stock Performance
On Monday, Allstate’s stock opened at $206.22. The company’s 50-day moving average is $204.52, while its 200-day moving average stands at $204.71. With a market capitalization of $53.52 billion, Allstate exhibits a P/E ratio of 5.40 and a P/E/G ratio of 0.43. The stock trades with a beta of 0.23 and has fluctuated between a twelve-month low of $176.00 and a high of $216.75.
In its latest quarterly earnings report, released on February 4, 2024, Allstate reported earnings per share (EPS) of $14.31, surpassing analysts’ expectations of $8.72 by $5.59. The company generated revenue of $17.35 billion, exceeding the forecast of $17.23 billion. Year-over-year, revenue increased by 5.1%, with a return on equity of 39.20% and a net margin of 15.19%.
Analysts anticipate that Allstate will post an EPS of 18.74 for the current year.
Dividend Increase and Insider Trading
In a recent announcement, Allstate declared a quarterly dividend of $1.08, set to be paid on April 1, 2024, to investors on record as of March 2, 2024. This marks an increase from the previous dividend of $1.00, resulting in an annualized dividend of $4.32 and a yield of 2.1%. Presently, the company’s dividend payout ratio is 11.31%.
In February, insider Suren Gupta sold 19,593 shares of Allstate stock for an average price of $210.00, totaling approximately $4.11 million. Following this transaction, Gupta retains 100,646 shares, valued at around $21.14 million, reflecting a 16.30% reduction in his position.
Corporate insiders currently own 1.70% of Allstate’s stock.
Analyst reports have been favorable for Allstate, with several firms adjusting their price targets. Evercore set a target of $225.00, while Roth MKM raised its objective from $230.00 to $240.00, maintaining a “buy” rating. Citigroup has adjusted its price target from $216.00 to $221.00, while Cantor Fitzgerald reaffirmed a “neutral” rating with a target of $220.00. Mizuho increased its target from $255.00 to $281.00, giving Allstate an “outperform” rating.
Overall, analysts have issued three “Strong Buy” ratings, eight “Buy” ratings, eight “Hold” ratings, and one “Sell” rating, leading to an average rating of “Moderate Buy” with a consensus price target of $238.88.
Founded in 1931 as a subsidiary of Sears, Roebuck and Co., Allstate Corporation is headquartered in Northbrook, Illinois. It stands as one of the largest personal lines property and casualty insurers in the United States, providing a diverse range of insurance products with a primary focus on auto and homeowners coverage.
