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

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

A number of other hedge funds have also added to or reduced their stakes in ALL. Vanguard Group Inc. increased its stake in shares of Allstate by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 32,635,424 shares of the insurance provider’s stock valued at $6,291,783,000 after acquiring an additional 389,426 shares in the last quarter. Meridian Wealth Advisors LLC grew its holdings in Allstate by 1.1% in the fourth quarter. Meridian Wealth Advisors LLC now owns 33,459 shares of the insurance provider’s stock worth $6,450,000 after purchasing an additional 362 shares during the period. Stevens Capital Management LP grew its holdings in Allstate by 2.7% in the fourth quarter. Stevens Capital Management LP now owns 3,856 shares of the insurance provider’s stock worth $743,000 after purchasing an additional 103 shares during the period. LPL Financial LLC increased its stake in Allstate by 13.2% in the fourth quarter. LPL Financial LLC now owns 250,211 shares of the insurance provider’s stock valued at $48,238,000 after purchasing an additional 29,238 shares in the last quarter. Finally, Richwood Investment Advisors LLC raised its holdings in shares of Allstate by 9.6% during the fourth quarter. Richwood Investment Advisors LLC now owns 1,602 shares of the insurance provider’s stock valued at $309,000 after purchasing an additional 140 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Allstate Stock Up 0.4 %

ALL stock opened at $208.14 on Wednesday. The stock has a market cap of $55.16 billion, a P/E ratio of 12.25, a P/E/G ratio of 1.01 and a beta of 0.47. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The stock’s fifty day simple moving average is $194.67 and its two-hundred day simple moving average is $193.43. The Allstate Co. has a 1-year low of $156.66 and a 1-year high of $212.91.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share 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%. Analysts expect that The Allstate Co. will post 18.74 EPS for the current year.

Allstate Increases Dividend

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

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

Analyst Ratings Changes

ALL has been the subject of a number of research analyst reports. Piper Sandler boosted their target price on Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods boosted their price objective on Allstate from $235.00 to $240.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Barclays lowered their target price on Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Evercore ISI raised shares of Allstate from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 8th. Finally, Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $217.94.

Insiders Place Their Bets

In other news, CFO Jesse E. Merten sold 40,102 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the transaction, the chief financial officer now owns 18,115 shares of the company’s stock, valued at $3,378,990.95. This represents a 68.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.

Allstate Company 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.