CIBC Bancorp USA Inc. Invests $7.81 Million in The Allstate Corporation $ALL

CIBC Bancorp USA Inc. acquired a new stake in The Allstate Corporation (NYSE:ALL) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,402 shares of the insurance provider’s stock, valued at approximately $7,814,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new stake in Allstate during the second quarter worth approximately $482,870,000. Swedbank AB lifted its holdings in Allstate by 2,157.8% during the 3rd quarter. Swedbank AB now owns 861,725 shares of the insurance provider’s stock worth $184,969,000 after purchasing an additional 823,559 shares during the last quarter. Woodline Partners LP bought a new stake in Allstate in the 3rd quarter valued at $148,641,000. Ameriprise Financial Inc. grew its holdings in Allstate by 52.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,385,901 shares of the insurance provider’s stock valued at $279,062,000 after buying an additional 478,598 shares in the last quarter. Finally, Danske Bank A S bought a new position in Allstate during the 3rd quarter worth $100,596,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

Wall Street Analyst Weigh In

ALL has been the subject of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Allstate in a research report on Wednesday, January 21st. Citigroup raised their price target on shares of Allstate from $216.00 to $221.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $231.00 price objective on shares of Allstate in a research note on Thursday, March 5th. Cantor Fitzgerald reissued a “neutral” rating and issued a $220.00 price objective on shares of Allstate in a report on Thursday, February 5th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $260.00 target price on shares of Allstate in a research report on Tuesday, March 3rd. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $237.94.

Insider Activity at Allstate

In related news, insider Suren Gupta sold 19,593 shares of Allstate stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $210.00, for a total value of $4,114,530.00. Following the completion of the sale, the insider owned 100,646 shares of the company’s stock, valued at $21,135,660. The trade was a 16.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is owned by insiders.

Allstate Price Performance

ALL opened at $205.91 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.37 and a current ratio of 0.37. The company’s 50-day simple moving average is $204.24 and its two-hundred day simple moving average is $204.77. The Allstate Corporation has a 52-week low of $176.00 and a 52-week high of $216.75. The stock has a market capitalization of $53.44 billion, a P/E ratio of 5.39, a P/E/G ratio of 0.42 and a beta of 0.23.

Allstate (NYSE:ALL) last issued its earnings results on Wednesday, February 4th. The insurance provider reported $14.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.72 by $5.59. Allstate had a net margin of 15.19% and a return on equity of 39.20%. The company had revenue of $17.35 billion for the quarter, compared to analysts’ expectations of $17.23 billion. During the same quarter last year, the company posted $7.67 earnings per share. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, analysts predict that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be paid a $1.08 dividend. This is an increase from Allstate’s previous quarterly dividend of $1.00. The ex-dividend date is Monday, March 2nd. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.1%. Allstate’s dividend payout ratio (DPR) is 11.31%.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.