On September 10, 2023, it was reported that Moore Capital Management LP had reduced its holdings in the insurance provider, The Allstate Co. (NYSE:ALL). According to the company’s Form 13F filing with the SEC, Moore Capital Management LP sold 136,632 shares during the first quarter, leading to a decrease of 40.3% in their holdings. As a result, they now own 202,452 shares of Allstate’s stock, which is equivalent to 0.08% of the company’s worth. The value of their holdings is estimated at $22,434,000 based on their most recent filing with the SEC.
Several analyst reports have recently analyzed Allstate and provided insights regarding its performance. Bank of America has lowered their target price for Allstate’s shares from $143.00 to $138.00 in a report released on August 2nd. Additionally, Piper Sandler lowered their target price from $137.00 to $124.00 and assigned an “overweight” rating on the stock in a report on August 3rd. Barclays also decreased their price objective from $113.00 to $107.00 while giving an “equal weight” rating on the stock in a report released on August 14th.
On August 17th, StockNews.com covered Allstate and mentioned a “hold” rating on the stock without providing further details about their analysis or target price estimation. Lastly, Morgan Stanley reaffirmed an “equal weight” rating and set a price objective of $117.00 for Allstate’s shares in a report released on August 1st.
In terms of overall ratings for Allstate’s stock, according to data from Bloomberg.com, analysts have given it an average rating of “Moderate Buy” with a consensus target price of $135.31.
As for trading activity on September 10th, NYSE:ALL shares experienced a decline of $1.53 during midday trading, reaching a value of $106.20. The volume of shares exchanged was 1,707,484, compared to an average daily volume of 1,374,992. Allstate’s financials indicate a debt-to-equity ratio of 0.59 and current and quick ratios of 0.37.
Furthermore, the stock has exhibited a 50-day moving average price of $108.36 and a 200-day moving average price of $112.42.The company currently holds a market capitalization of $27.78 billion and reports a negative PE ratio of -10.26 with a beta value of 0.57. Over the past year, Allstate’s stock has fluctuated between $100.57 as its lowest point and $142.15 as its highest.
These recent developments reveal significant changes in Moore Capital Management LP’s holdings in Allstate and provide insights into analysts’ opinions on the stock’s performance. Investors in Allstate may find these details valuable when considering their investment decisions in relation to this insurance provider.
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Significant Increase in Allstate Corporation’s Holdings by Hedge Funds and Institutional Investors
In recent news, there has been a significant increase in the holdings of Allstate Corporation (NYSE: ALL) by various hedge funds. Price T Rowe Associates Inc. MD, for instance, has raised its ownership in Allstate by 123.7% during the fourth quarter. This increase translates to 3,064,105 additional shares valued at $751,264,000.
Another notable institutional investor that has entered the market is Diamond Hill Capital Management Inc. In the first quarter of this year, they acquired a new position in Allstate with a value of $333,689,000. Cowa LLC also made their mark on Allstate during the same period when they acquired a new position worth $30,000.
Norges Bank increased its holdings in Allstate by acquiring a new position during the fourth quarter valued at $190,865,000. Similarly, Morgan Stanley bolstered its stake in Allstate by 29%, now owning 3,563,628 shares valued at $483,228,000.
These collective moves by institutional investors and hedge funds are reflected in the fact that they now own approximately 77.23% of Allstate’s stock.
On another front involving insider trading activity within Allstate Corporation, Director Judith A. Sprieser sold 1,565 shares on Thursday, August 3rd at an average price of $111.22 per share. The total value of this transaction amounted to $174,059.30 as stated in filing disclosures with the Securities & Exchange Commission.
Analyst reports concerning Allstate have also gained traction recently with mentions from reputable institutions including Bank of America and Piper Sandler among others. On Wednesday August 2nd Bank of America lowered their target price for Allstate shares from $143.00 to $138.00 while Piper Sandler reduced theirs from $137.00 to $124.00 along with an “overweight” rating.
Barclays also weighed in by dropping their price objective on Allstate shares from $113.00 to $107.00, assigning an “equal weight” rating. And most interestingly, StockNews.com assumed coverage on Allstate with a “hold” rating. Morgan Stanley reiterated their previous “equal weight” rating and set a $117.00 price objective for Allstate shares.
According to Bloomberg.com, the consensus rating for Allstate is presently considered as a “Moderate Buy” with analysts having an average target price of $135.31.
The latest earnings report from Allstate was released on Wednesday, August 2nd. The insurance provider reported earnings per share (EPS) of ($4.42), missing the consensus estimate of ($3.83) by ($0.59). However, despite this shortfall, Allstate showcased an increase in revenue at $13.98 billion for the quarter compared to the estimated $12.30 billion.
Allstate’s return on equity for the quarter was negative, standing at -14.69%, along with a negative net margin of 4.80%. Nonetheless, their revenue showed growth of 14.4% on a year-over-year basis when compared to the same period in the previous year when earnings per share were reported at ($0.76).
Sell-side analysts currently anticipate that Allstate Corporation will post EPS of -1.99 for the current fiscal year.
Additionally, it is worth noting that Allstate announced its quarterly dividend payout which will be distributed on Monday, October 2nd to shareholders who are recorded as such by Thursday, August 31st.
