The Allstate Corporation (ALL) Rose on Improved Profitability

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2024 investor letter.  A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Strategy highlighted stocks like The Allstate Corporation (NYSE:ALL) in the first quarter 2024 investor letter. The Allstate Corporation (NYSE:ALL) offers property and casualty, and other insurance products. The Allstate Corporation’s (NYSE:ALL) one-month return was -2.42%, and its shares gained 49.21% of their value over the last 52 weeks. On June 3, 2024, The Allstate Corporation (NYSE:ALL) stock closed at $164.12 per share with a market capitalization of $43.314 billion.

Diamond Hill Large Cap Strategy stated the following regarding The Allstate Corporation (NYSE:ALL) in its first quarter 2024 investor letter:

“Other top contributors included The Allstate Corporation (NYSE:ALL), Caterpillar and General Motors. Allstate, one of the US’s largest auto and homeowners’ insurance providers, is benefiting from improving profitability in its primary auto insurance line. Further, milder weather during the quarter translated into lower catastrophe losses.”

The Allstate Corporation (NYSE:ALL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held The Allstate Corporation (NYSE:ALL) at the end of the first quarter which was 51 in the previous quarter. Revenues of The Allstate Corporation (NYSE:ALL) in the first quarter were $15.3 billion, reflecting a 10.9% increase in Property-Liability earned premium.

In another article, we discussed The Allstate Corporation (NYSE:ALL) and shared the list of best insurance dividend stocks to invest in.  In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.