Meyer Handelman Co. Buys 4,222 Shares of The Allstate Corporation $ALL

Meyer Handelman Co. lifted its stake in shares of The Allstate Corporation (NYSE:ALL) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 211,009 shares of the insurance provider’s stock after buying an additional 4,222 shares during the period. Allstate comprises approximately 1.4% of Meyer Handelman Co.’s investment portfolio, making the stock its 21st biggest position. Meyer Handelman Co. owned approximately 0.08% of Allstate worth $43,751,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ALL. State Street Corp raised its position in Allstate by 3.7% in the fourth quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock valued at $2,571,600,000 after purchasing an additional 438,034 shares during the last quarter. GQG Partners LLC boosted its stake in shares of Allstate by 36.0% during the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock valued at $1,142,449,000 after purchasing an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Allstate by 29.2% during the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock worth $1,042,321,000 after purchasing an additional 1,131,172 shares during the last quarter. Boston Partners grew its holdings in shares of Allstate by 14.9% during the third quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock worth $654,652,000 after purchasing an additional 395,195 shares during the last quarter. Finally, Raymond James Financial Inc. increased its stake in shares of Allstate by 3.3% in the second quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider’s stock valued at $562,388,000 after buying an additional 88,620 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ALL shares. Citigroup lifted their target price on shares of Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Allstate from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings reiterated a “buy (a-)” rating on shares of Allstate in a report on Thursday, June 18th. Piper Sandler reissued an “overweight” rating on shares of Allstate in a research note on Thursday, May 28th. Finally, Wells Fargo & Company raised their target price on Allstate from $229.00 to $243.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $240.33.

Insiders Place Their Bets

In other news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, the insider directly owned 27,558 shares of the company’s stock, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. This represents a 18.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 22,353 shares of company stock worth $4,851,560. Company insiders own 1.55% of the company’s stock.

Allstate Stock Down 0.8%

Shares of NYSE ALL opened at $231.74 on Friday. The company has a market capitalization of $59.65 billion, a P/E ratio of 5.11, a price-to-earnings-growth ratio of 0.41 and a beta of 0.18. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $237.10. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The company’s 50 day moving average price is $217.25 and its 200-day moving average price is $209.89.

Allstate (NYSE:ALL) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company had revenue of $16.94 billion during the quarter, compared to analysts’ expectations of $15.24 billion. During the same period in the prior year, the company posted $3.53 earnings per share. Allstate’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities analysts forecast that The Allstate Corporation will post 29.75 earnings per share for the current year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, June 1st. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

About Allstate

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.