Exchange Traded Concepts LLC Increases Stake in The Allstate Co.

On October 17th, 2024, Exchange Traded Concepts LLC announced a significant increase in its investment in The Allstate Co. (NYSE:ALL). According to a filing with the Securities and Exchange Commission (SEC), the firm raised its stake by an impressive 6,673.1% during the third quarter. Following this acquisition, Exchange Traded Concepts LLC owned a total of 5,283 shares of Allstate, after purchasing an additional 5,205 shares in the quarter. As per the latest filing, these shares held a total value of approximately $1,002,000.

Additionally, other institutional investors have also been active in the Allstate stock market. For instance, Rise Advisors LLC and Northwest Investment Counselors LLC each bought new positions in the first quarter, investing roughly $26,000. In the second quarter, Versant Capital Management Inc increased its holdings by 70.9%, currently owning 188 shares valued at around $30,000 after acquiring an additional 78 shares. Family Firm Inc. also entered the scene with a new stake valued at $38,000. MCF Advisors LLC grew its share by 33.9% in the same period, owning a total of 332 shares worth $53,000 post-acquisition. Collectively, institutional investors own about 76.47% of Allstate’s stock.

Wall Street Analysts Provide Insights

Allstate (NYSE:ALL) has attracted attention from several Wall Street analysts, resulting in various research reports. Keefe, Bruyette & Woods increased their price target from $199.00 to $208.00 and assigned an “outperform” rating in a note on August 12th. Similarly, on October 10th, JPMorgan Chase & Co. raised their price target from $205.00 to $207.00, maintaining an “overweight” rating. Piper Sandler also raised their price target from $188.00 to $196.00, giving Allstate a similar “overweight” rating on August 16th. The Goldman Sachs Group upped their target from $199.00 to $204.00, issuing a “buy” rating. Furthermore, Jefferies Financial Group raised their price target significantly from $217.00 to $231.00 on October 9th. The consensus sees fourteen analysts issuing a buy rating, while one has a strong buy rating, resulting in an overall rating of “Moderate Buy” with an average target price of $201.06 according to MarketBeat.com.

Insider Transactions at Allstate

Recent insider trading activities have also been noted at Allstate. On September 20th, insider John E. Dugenske sold 36,367 shares at an average price of $191.38, resulting in a total value of approximately $6,959,916.46. Following this transaction, he retains ownership of 27,364 shares, which are valued roughly at $5,236,922.32. Additionally, CEO Thomas J. Wilson sold 90,000 shares on August 21st at an average price of $179.34, with the total transaction amounting to $16,140,600. This sale leaves him with 88,552 shares valued at approximately $15,880,915.68. Over the last quarter, a total of 192,530 shares have been sold by insiders, summing up to a value of $34,967,665. Currently, insiders collectively own 1.80% of Allstate's stock.

Allstate's Stock Performance and Financials

As for its market performance, Allstate shares opened at $195.64 on Thursday. The company boasts a market capitalization of $51.63 billion, with a price-to-earnings ratio of 43.19, a PEG ratio of 1.74, and a relatively low beta of 0.48. Allstate's stock has experienced fluctuations, with a one-year low of $121.70 and a high of $195.87. Financial ratios indicate a debt-to-equity ratio of 0.49, alongside current and quick ratios, both at 0.36. Presently, Allstate's fifty-day moving average stands at $185.67, while the 200-day moving average is recorded at $173.49.

In its latest quarterly earnings report, released on July 31st, Allstate reported earnings of $1.61 per share, surpassing analysts' expectations of $0.33 by a wide margin of $1.28. They achieved a return on equity of 24.05% with a net margin of 5.03%. The quarter saw revenue of $15.71 billion, exceeding the expected $14.04 billion and showing an impressive year-over-year growth of 12.4%. Predictions suggest that Allstate will post an earnings per share of 15.19 for the current year.

Overview of Allstate Corporation

Founded in 1931, The Allstate Corporation, alongside its subsidiaries, offers a wide array of property and casualty insurance solutions in the United States and Canada. The firm's operations span five segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property-Liability, and Corporate Other segments.

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