Peapack Gladstone Financial Corp Acquires 14,271 Shares of The Allstate Corporation $ALL

Peapack Gladstone Financial Corp lifted its holdings in shares of The Allstate Corporation (NYSE:ALL) by 55.5% in the 4th quarter, HoldingsChannel reports. The fund owned 39,979 shares of the insurance provider’s stock after purchasing an additional 14,271 shares during the period. Peapack Gladstone Financial Corp’s holdings in Allstate were worth $8,322,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALL. Dorato Capital Management bought a new stake in shares of Allstate during the fourth quarter worth about $27,000. Navalign LLC bought a new stake in shares of Allstate during the fourth quarter worth about $27,000. Princeton Global Asset Management LLC increased its position in shares of Allstate by 101.3% during the fourth quarter. Princeton Global Asset Management LLC now owns 151 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 76 shares in the last quarter. Palisade Asset Management LLC bought a new stake in shares of Allstate during the third quarter worth about $31,000. Finally, South Plains Financial Inc. increased its position in shares of Allstate by 41.5% during the third quarter. South Plains Financial Inc. now owns 167 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 49 shares in the last quarter. 76.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on ALL. The Goldman Sachs Group reissued a “neutral” rating and set a $231.00 target price on shares of Allstate in a research report on Thursday, March 5th. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research note on Thursday. Raymond James Financial reiterated a “strong-buy” rating and issued a $260.00 target price on shares of Allstate in a research note on Tuesday, March 3rd. Wall Street Zen downgraded shares of Allstate from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Allstate from $260.00 to $266.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $241.67.

Allstate Stock Up 0.7%

ALL opened at $207.50 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The stock has a market cap of $53.41 billion, a price-to-earnings ratio of 4.58, a PEG ratio of 0.37 and a beta of 0.21. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $227.62. The company’s 50-day moving average price is $212.78 and its two-hundred day moving average price is $208.59.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. The firm had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $3.53 earnings per share. As a group, equities analysts expect that The Allstate Corporation will post 29.11 earnings per share for the current year.

Allstate Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Monday, June 1st. Allstate’s payout ratio is presently 9.53%.

Insider Buying and Selling

In related news, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the sale, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider owned 27,558 shares in the company, valued at $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.55% of the company’s stock.

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.