Texas Permanent School Fund Corp Lowers Stake in The Allstate Co. (NYSE:ALL)

Texas Permanent School Fund Corp lowered its position in shares of The Allstate Co. (NYSE:ALL) by 18.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,009 shares of the insurance provider’s stock after selling 10,252 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Allstate were worth $7,026,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in Allstate by 1.8% during the first quarter. Bank of New York Mellon Corp now owns 5,112,468 shares of the insurance provider’s stock valued at $884,508,000 after purchasing an additional 90,390 shares in the last quarter. Norges Bank purchased a new position in Allstate during the fourth quarter valued at approximately $212,771,000. Raymond James Financial Services Advisors Inc. lifted its holdings in Allstate by 1.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 818,489 shares of the insurance provider’s stock valued at $130,680,000 after purchasing an additional 8,454 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Allstate by 11.8% in the first quarter. Russell Investments Group Ltd. now owns 716,757 shares of the insurance provider’s stock worth $123,574,000 after buying an additional 75,698 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Allstate by 1.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 687,386 shares of the insurance provider’s stock worth $118,925,000 after buying an additional 6,760 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ALL shares. TD Cowen upped their target price on shares of Allstate from $193.00 to $224.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Piper Sandler upped their target price on shares of Allstate from $188.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Bank of America upped their target price on shares of Allstate from $213.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. StockNews.com lowered shares of Allstate from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 21st. Finally, Keefe, Bruyette & Woods upped their target price on shares of Allstate from $199.00 to $208.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $192.76.

Insider Activity

In other news, insider Suren Gupta sold 45,775 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $177.28, for a total value of $8,114,992.00. Following the sale, the insider now owns 89,930 shares of the company’s stock, valued at $15,942,790.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Robert Toohey sold 16,682 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $180.17, for a total value of $3,005,595.94. Following the transaction, the executive vice president now owns 4,873 shares of the company’s stock, valued at approximately $877,968.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Suren Gupta sold 45,775 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $177.28, for a total transaction of $8,114,992.00. Following the completion of the transaction, the insider now directly owns 89,930 shares in the company, valued at approximately $15,942,790.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 201,938 shares of company stock valued at $36,122,740. 1.80% of the stock is currently owned by company insiders.

Allstate Trading Down 1.3 %

Shares of ALL opened at $184.85 on Wednesday. The Allstate Co. has a twelve month low of $106.74 and a twelve month high of $191.33. The company has a market cap of $48.81 billion, a P/E ratio of 40.81, a P/E/G ratio of 1.75 and a beta of 0.48. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.49. The company’s fifty day simple moving average is $174.80 and its 200-day simple moving average is $168.62.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share for the quarter, beating the consensus estimate of $0.33 by $1.28. Allstate had a net margin of 5.03% and a return on equity of 24.05%. The business had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $14.04 billion. During the same quarter in the prior year, the firm posted ($4.42) earnings per share. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, analysts expect that The Allstate Co. will post 15.16 EPS for the current year.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Friday, August 30th. Allstate’s dividend payout ratio is currently 81.24%.

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.