Banco Bilbao Vizcaya Argentaria S.A. (BBVA) has significantly increased its holdings in The Allstate Corporation (NYSE: ALL), boosting its position by 72.8% during the third quarter of 2023. This move is documented in BBVA’s recent Form 13F filing with the Securities and Exchange Commission, revealing that the institutional investor now owns 75,113 shares of Allstate, acquired alongside an additional 31,636 shares throughout the quarter. The current value of these holdings stands at approximately $16.12 million.
Other institutional investors have similarly adjusted their stakes in Allstate. Harbor Capital Advisors Inc. raised its investment by 79.7%, now owning 124 shares valued at $27,000. Barnes Dennig Private Wealth Management LLC increased its stake by an impressive 112.3%, holding 138 shares worth $30,000. Clearstead Trust LLC, meanwhile, expanded its holdings by an extraordinary 3,800%, acquiring 156 shares valued at $31,000. Armstrong Advisory Group Inc. and South Plains Financial Inc. also enhanced their positions by 72.0% and 41.5%, respectively, reflecting a broader trend among institutional investors toward Allstate.
As of now, institutional investors collectively own 76.47% of Allstate’s stock.
Stock Performance and Financial Highlights
Allstate’s stock opened at $206.22 on Monday, and its performance indicators suggest stability. The company’s 50-day moving average stands at $204.52, while the two-hundred-day moving average is $204.71. Allstate’s market capitalization is approximately $53.52 billion, with a P/E ratio of 5.40 and a P/E/G ratio of 0.43. The stock has fluctuated between a twelve-month low of $176.00 and a high of $216.75.
In its most recent earnings report, released on February 4, 2024, Allstate reported earnings per share (EPS) of $14.31, exceeding analysts’ expectations of $8.72 by $5.59. The company’s revenue reached $17.35 billion, surpassing the forecast of $17.23 billion. Allstate also demonstrated a strong return on equity of 39.20% and a net margin of 15.19%, marking a year-over-year revenue increase of 5.1%. Analysts project Allstate will achieve an EPS of 18.74 for the current year.
Dividend Increase and Insider Transactions
In a strategic move to reward shareholders, Allstate recently declared a quarterly dividend of $1.08, an increase from the previous $1.00 payout. This dividend will be paid on April 1, 2024, to investors of record on March 2, 2024. The ex-dividend date is also set for March 2, representing an annualized dividend of $4.32 and a yield of 2.1%. Currently, Allstate’s dividend payout ratio is positioned at 11.31%.
In addition to institutional investments, insider trading has impacted the stock’s dynamics. Suren Gupta, an insider, sold 19,593 shares on January 7, 2024, at an average price of $210.00, totaling around $4.11 million. Following this transaction, Gupta retains 100,646 shares valued at approximately $21.14 million, indicating a 16.30% decrease in their position.
Analyst reports reflect a positive sentiment towards Allstate. Evercore has set a price target of $225.00, and Roth MKM has increased its target from $230.00 to $240.00, maintaining a “buy” rating. Citigroup and Cantor Fitzgerald have also raised their price objectives, with Mizuho increasing its target to $281.00, issuing an “outperform” rating. Overall, the stock has received three “Strong Buy” ratings, eight “Buy” ratings, and eight “Hold” ratings, with an average rating of “Moderate Buy” and a consensus price target of $238.88.
The Allstate Corporation, headquartered in Northbrook, Illinois, stands as one of the largest personal lines property and casualty insurers in the United States. Founded in 1931, the company has evolved from a subsidiary of Sears, Roebuck and Co. into a diversified insurer, providing a wide range of products, primarily focusing on auto and homeowners coverage.
