Orrstown Financial Services Inc. lowered its position in The Allstate Co. (NYSE:ALL – Get Rating) by 9.9% during the first quarter, HoldingsChannel.com reports. The fund owned 5,835 shares of the insurance provider’s stock after selling 643 shares during the quarter. Allstate accounts for approximately 1.5% of Orrstown Financial Services Inc.’s holdings, making the stock its 24th largest holding. Orrstown Financial Services Inc.’s holdings in Allstate were worth $808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Invesco Ltd. grew its holdings in shares of Allstate by 22.2% in the 4th quarter. Invesco Ltd. now owns 7,232,598 shares of the insurance provider’s stock worth $850,916,000 after acquiring an additional 1,314,237 shares during the period. Deutsche Bank AG grew its holdings in shares of Allstate by 2.2% in the 4th quarter. Deutsche Bank AG now owns 4,997,180 shares of the insurance provider’s stock worth $587,916,000 after acquiring an additional 107,977 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Allstate by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,892,174 shares of the insurance provider’s stock valued at $575,564,000 after buying an additional 119,586 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Allstate in the 4th quarter valued at approximately $560,036,000. Finally, First Trust Advisors LP lifted its stake in Allstate by 22.5% in the 4th quarter. First Trust Advisors LP now owns 3,660,008 shares of the insurance provider’s stock valued at $430,600,000 after buying an additional 672,472 shares in the last quarter. Institutional investors and hedge funds own 75.84% of the company’s stock.
Shares of Allstate stock opened at $121.80 on Wednesday. The business has a 50-day moving average of $130.53 and a 200-day moving average of $126.39. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $33.49 billion, a PE ratio of 10.20, a P/E/G ratio of 2.43 and a beta of 0.82. The Allstate Co. has a 1-year low of $106.11 and a 1-year high of $144.46.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Friday, June 3rd will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $3.40 annualized dividend and a dividend yield of 2.79%. Allstate’s payout ratio is 28.48%.
In other news, CEO Thomas J. Wilson sold 142,000 shares of the stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $133.39, for a total transaction of $18,941,380.00. Following the transaction, the chief executive officer now owns 99,828 shares of the company’s stock, valued at $13,316,056.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.77% of the company’s stock.
A number of equities research analysts recently issued reports on ALL shares. Citigroup started coverage on Allstate in a research note on Monday, May 23rd. They issued a “buy” rating and a $159.00 target price on the stock. Piper Sandler reduced their target price on Allstate from $150.00 to $147.00 and set an “overweight” rating on the stock in a research note on Friday, April 22nd. Raymond James raised Allstate from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $145.00 to $165.00 in a research note on Friday, March 18th. Barclays increased their price target on Allstate from $119.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 12th. Finally, Argus lowered Allstate from a “buy” rating to a “hold” rating in a research note on Friday, May 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Allstate presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.75.
Allstate Profile (Get Rating)
The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home and stand-alone scheduled personal property; and commercial lines products under the Allstate and Encompass brand names.
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