The Manufacturers Life Insurance Company significantly increased its stake in The Allstate Co. (NYSE:ALL) during the fourth quarter, according to a recent 13F filing with the Securities and Exchange Commission. The institutional investor now owns 454,655 shares of the insurance provider’s stock, representing approximately 0.17% of Allstate’s total shares worth $87,653,000.
Investment Details
The Manufacturers Life Insurance Company purchased an additional 184,947 shares during the period, marking a 68.6% increase in its position. This move is part of a broader trend among institutional investors, with several hedge funds and other institutional investors recently adjusting their stakes in Allstate.
Other notable investors who have acquired new positions in Allstate include:
- VSM Wealth Advisory LLC, with a stake worth about $25,000
- Twin Tree Management LP, with a stake worth approximately $27,000
- Vision Financial Markets LLC, with a stake valued at approximately $29,000
- Hopwood Financial Services Inc., with a stake worth around $29,000
- Aster Capital Management DIFC Ltd, with a stake worth approximately $40,000
Market Performance
Allstate’s stock opened at $198.85 on Wednesday, showing a 1.8% increase. The company has a market capitalization of $52.72 billion and a debt-to-equity ratio of 0.42. Analysts have varied opinions on the stock, with ratings ranging from “sell” to “strong buy.”
Recent Developments
Allstate recently reported quarterly earnings per share of $7.67, surpassing the consensus estimate of $5.40. The company also announced a quarterly dividend increase to $1.00 per share, representing a yield of 2.01%. Additionally, Allstate’s Board of Directors authorized a $1.50 billion share buyback program, indicating confidence in the company’s valuation.
As institutional investors continue to adjust their positions, Allstate remains a significant player in the insurance market. The company’s financial performance and investor confidence will be crucial in determining its future stock performance.
