Sumitomo Mitsui Trust Holdings Inc. Sells 49,167 Shares of The Allstate Co. (NYSE:ALL)

Sumitomo Mitsui Trust Holdings Inc. decreased its position in The Allstate Co. (NYSE:ALL) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 638,219 shares of the insurance provider’s stock after selling 49,167 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.24% of Allstate worth $101,898,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Allstate during the 4th quarter worth approximately $212,771,000. Palestra Capital Management LLC acquired a new stake in Allstate during the 4th quarter worth $83,561,000. Balyasny Asset Management L.P. acquired a new position in shares of Allstate in the 4th quarter valued at $81,571,000. Artemis Investment Management LLP bought a new position in shares of Allstate in the 1st quarter worth $95,764,000. Finally, Mizuho Markets Americas LLC acquired a new stake in shares of Allstate during the fourth quarter worth $52,042,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Price Performance

Shares of ALL opened at $179.64 on Monday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.49. The Allstate Co. has a twelve month low of $104.29 and a twelve month high of $184.30. The stock has a market capitalization of $47.41 billion, a P/E ratio of 39.66, a P/E/G ratio of 1.86 and a beta of 0.48. The company has a 50 day moving average of $166.45 and a 200-day moving average of $165.55.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $14.04 billion. During the same quarter last year, the firm earned ($4.42) earnings per share. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities research analysts forecast that The Allstate Co. will post 13.64 EPS for the current fiscal year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, August 30th will be given a dividend of $0.92 per share. The ex-dividend date is Friday, August 30th. This represents a $3.68 annualized dividend and a yield of 2.05%. Allstate’s dividend payout ratio (DPR) is presently 81.24%.

Analyst Upgrades and Downgrades

ALL has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on Allstate from $193.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. StockNews.com lowered shares of Allstate from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Wells Fargo & Company cut their target price on shares of Allstate from $177.00 to $175.00 and set an “equal weight” rating on the stock in a report on Friday. Piper Sandler boosted their price target on shares of Allstate from $188.00 to $196.00 and gave the company an “overweight” rating in a report on Friday. Finally, Morgan Stanley lowered their price objective on shares of Allstate from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Allstate currently has an average rating of “Moderate Buy” and a consensus target price of $191.94.

Insider Buying and Selling at Allstate

In other news, insider Suren Gupta sold 45,775 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 89,930 shares in the company, valued at approximately $15,942,790.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.

About Allstate

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.