Banco Bilbao Vizcaya Argentaria S.A. has significantly increased its holdings in The Allstate Corporation (NYSE: ALL) by 72.8% during the third quarter of 2023. According to the recent Form 13F filing with the Securities and Exchange Commission, the Spanish financial institution now owns 75,113 shares of Allstate, following the acquisition of an additional 31,636 shares in that quarter. This investment is valued at approximately $16.12 million based on current market conditions.
A number of other institutional investors have also adjusted their stakes in Allstate, reflecting growing confidence in the insurance sector. Harbor Capital Advisors Inc. boosted its position by 79.7%, now holding 124 shares valued at $27,000. Similarly, Barnes Dennig Private Wealth Management LLC increased its stake by 112.3%, bringing its total to 138 shares worth $30,000.
Clearstead Trust LLC made a remarkable increase of 3,800% in its holdings during the second quarter, now owning 156 shares valued at $31,000. Other firms, such as Armstrong Advisory Group Inc. and South Plains Financial Inc., also reported substantial increases in their investments in Allstate, demonstrating a broader trend among institutional investors. Currently, 76.47% of Allstate’s stock is held by institutional investors.
Allstate’s Market Performance
On Monday, Allstate shares opened at $206.22. The company has a market capitalization of $53.52 billion and a price-to-earnings (P/E) ratio of 5.40. Its twelve-month stock range has been between $176.00 and $216.75. The insurance provider recently released its quarterly earnings on February 4, 2024, reporting earnings per share (EPS) of $14.31, significantly exceeding analysts’ expectations of $8.72 by $5.59. The revenue for this quarter was $17.35 billion, slightly above the anticipated $17.23 billion.
Allstate also announced a dividend increase, declaring a quarterly payment of $1.08 per share, up from the previous $1.00. This dividend will be paid on April 1, 2024, to investors recorded by March 2, 2024. This change reflects an annualized dividend of $4.32 and a yield of 2.1%, with a payout ratio of 11.31%.
Insider Activity and Analyst Ratings
In related news, insider Suren Gupta sold 19,593 shares of Allstate on January 7, 2024, at an average price of $210.00, totaling approximately $4.11 million. Following this transaction, Gupta retains 100,646 shares valued at $21.14 million, representing a 16.30% decrease in his position.
Analysts have shown varied perspectives on Allstate’s stock, with several upgrades and adjustments to price targets. Evercore set a target of $225.00, while Roth MKM increased its target from $230.00 to $240.00, maintaining a “buy” rating. Citigroup also raised its price target from $216.00 to $221.00, rating it as “neutral.” According to MarketBeat, the current consensus rating for Allstate is “Moderate Buy,” with an average price target of $238.88.
Allstate Corporation, headquartered in Northbrook, Illinois, 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., the company has diversified its offerings and now serves millions through various channels, focusing primarily on auto and homeowners coverage.
