On May 20, 2023, Tredje AP fonden announced that it had boosted its holdings in shares of The Allstate Co. (NYSE:ALL) by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. This news was significant as the firm owned 80,099 shares of the insurance provider’s stock after buying an additional 5,000 shares during the period. Tredje AP fonden’s holdings in Allstate were worth $10,861,000 as of its most recent SEC filing.
The Allstate Corp. is a well-known company that engages in the property and casualty insurance business and provides protection solutions. It operates through following business segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property-Liability, and Corporate and Other. The Allstate Protection segment offers private passenger auto, homeowners, other personal lines and commercial insurance marketed under the Allstate, National General and Answer Financial brand names.
Despite the announcement from Tredje AP fonden regarding their increase in holdings of Allstate stock trading saw a decrease with shares decreasing by $0.35 during mid-day trading on Friday to hit $118.54 per share . The stock had a trading volume of 361874 shares compared to its average volume of 1,879112 shares.
The firm has maintained a strong financial foundation with various ratios such as quick ratio of 0.41 and a current ratio of 0.41 while having a debt-to-equity ratio of only 0.55 which suggests stability despite fluctuation in market conditions .
Although The Allstate Co.’s share price decreased to reach $118.54 from having a twelve-month high at $142.15 per share customers can be certain that they are receiving qualitative protection services for themselves or their businesses regardless of market variation..
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Allstate Corp. Stock Attracts Attention from Institutional Investors and Brokers Alike
The Allstate Corp. (NYSE:ALL) has been making headlines recently, as institutional investors continue to either add to or reduce their stakes in the firm. Citizens Financial Group Inc RI raised its position in the property and casualty insurance business by 3.2% during the fourth quarter of 2022, now owning 2,645 shares of the business’s stock valued at $361,000. Similarly, Nikulski Financial Inc. also boosted its stake in Allstate by 0.5% during last year’s final quarter, rising to own 18,323 shares of the insurance provider’s stock.
Additionally, CFO Jesse E. Merten sold a total of 29,451 shares of Allstate on February 22, 2023 at an average price of $134.18 for a total value of $3,951,735.18. Company insiders now own 1.70% of Allstate’s stock.
Allstate operates through multiple business segments including Allstate Protection and Protection Services that offer private passenger auto, homeowners and commercial insurance marketed under Allstate and other brand names such as National General and Answer Financial.
The insurance provider recently released its earnings for May 4th and reported earnings per share (EPS)of ($1.30), topping analysts’ consensus estimates by $0.64 but with negative margins.The company had revenue of $13.79 billion during the quarter-up from last year- contributing to its current estimate forecasted for all-year EPS at$4.01.
Brokerages have continued to evaluate ALL with recent opinions centered on Evercore ISI cutting price objective down to$132 while Roth Capital still restates “buy” ratings.Accordingly Bloomberg figures show an average Hold rating amongst analysts with consensus recorded recommending a buy target price falling just below top-peak prices predicted for this year.This information offers insight into how specific firms’ earning results affect investments in varied businesses while equally demonstrating fluctuations exist in how brokerages rate stocks.
