Bank of New York Mellon Corp Has $670.67 Million Stock Holdings in The Allstate Co. (NYSE:ALL)

Bank of New York Mellon Corp cut its holdings in The Allstate Co. (NYSE:ALL - Free Report) by 32.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,478,760 shares of the insurance provider's stock after selling 1,703,212 shares during the period. Bank of New York Mellon Corp owned 1.31% of Allstate worth $670,670,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in Allstate by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 577,934 shares of the insurance provider's stock valued at $109,605,000 after buying an additional 28,584 shares during the last quarter. Ameritas Advisory Services LLC increased its stake in Allstate by 117.3% in the 4th quarter. Ameritas Advisory Services LLC now owns 4,896 shares of the insurance provider's stock worth $944,000 after buying an additional 2,643 shares during the period. Hennessy Advisors Inc. raised its stake in shares of Allstate by 6.9% during the fourth quarter. Hennessy Advisors Inc. now owns 58,600 shares of the insurance provider's stock valued at $11,297,000 after acquiring an additional 3,800 shares in the last quarter. Artemis Investment Management LLP raised its position in Allstate by 33.3% during the 4th quarter. Artemis Investment Management LLP now owns 401,542 shares of the insurance provider's stock valued at $77,413,000 after purchasing an additional 100,311 shares in the last quarter. Finally, Eagle Asset Management Inc. raised its holdings in shares of Allstate by 38.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 10,497 shares of the insurance provider's stock valued at $2,067,000 after purchasing an additional 2,888 shares in the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Evercore ISI raised Allstate from an "in-line" rating to an "outperform" rating in a research report on Wednesday, January 8th. Barclays cut their price objective on shares of Allstate from $187.00 to $183.00 and set an "underweight" rating on the stock in a research report on Monday, January 6th. Piper Sandler increased their target price on shares of Allstate from $206.00 to $244.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their price target on shares of Allstate from $235.00 to $240.00 and gave the stock an "outperform" rating in a report on Tuesday, February 11th. Finally, UBS Group increased their price objective on Allstate from $216.00 to $225.00 and gave the company a "buy" rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Allstate currently has an average rating of "Moderate Buy" and an average price target of $217.94.

Allstate Stock Up 2.1 %

ALL traded up $4.14 on Friday, hitting $199.20. 3,365,884 shares of the company were exchanged, compared to its average volume of 1,854,986. The firm has a 50-day moving average price of $190.26 and a two-hundred day moving average price of $190.90. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The company has a market cap of $52.79 billion, a price-to-earnings ratio of 11.72, a price-to-earnings-growth ratio of 1.01 and a beta of 0.52. The Allstate Co. has a twelve month low of $153.87 and a twelve month high of $209.88.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, topping analysts' consensus estimates of $5.40 by $2.27. Allstate had a net margin of 7.28% and a return on equity of 28.20%. On average, equities analysts predict that The Allstate Co. will post 18.74 earnings per share for the current year.

Allstate Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be issued a $1.00 dividend. This is an increase from Allstate's previous quarterly dividend of $0.92. The ex-dividend date is Monday, March 10th. This represents a $4.00 annualized dividend and a dividend yield of 2.01%. Allstate's payout ratio is presently 21.66%.

Allstate announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Jesse E. Merten sold 40,102 shares of Allstate stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the completion of the transaction, the chief financial officer now directly owns 18,115 shares in the company, valued at $3,378,990.95. The trade was a 68.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

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.