5,927,387 Shares in The Allstate Corporation $ALL Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 5.93 million Allstate shares during the second quarter, valued at approximately $1.41 billion and representing about 2.34% of the insurer. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported strong quarterly results, with EPS of $8.99 versus the $6.06 consensus and revenue of $18.60 billion, up 11.8% year over year.
• The company declared a quarterly dividend of $1.08 per share, equivalent to $4.32 annually and a 1.7% yield. Analysts’ average rating remains “Hold,” with an average price target of $265.42.

Bank of America Corp DE acquired a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,927,387 shares of the insurance provider's stock, valued at approximately $1,410,362,000. Bank of America Corp DE owned about 2.34% of Allstate as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Gables Capital Management Inc. purchased a new stake in shares of Allstate in the 2nd quarter valued at approximately $26,000. Allied Private Wealth LLC acquired a new position in Allstate in the second quarter valued at approximately $29,000. Kelleher Financial Advisors acquired a new position in Allstate in the second quarter valued at approximately $28,000. MV Capital Management Inc. purchased a new position in Allstate in the fourth quarter worth approximately $25,000. Finally, Evolution Wealth Management Inc. grew its position in Allstate by 7,000.0% in the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock worth $29,000 after acquiring an additional 140 shares during the period. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Price Performance

ALL opened at $258.54 on Tuesday. The stock's 50-day moving average price is $258.12 and its 200 day moving average price is $230.90. The Allstate Corporation has a 12-month low of $188.08 and a 12-month high of $277.22. The firm has a market cap of $65.37 billion, a price-to-earnings ratio of 5.16, a PEG ratio of 0.57 and a beta of 0.15. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL - Get Free Report) last released its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating the consensus estimate of $6.06 by $2.93. The company had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate's revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $5.94 EPS. As a group, sell-side analysts expect that The Allstate Corporation will post 35.5 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's dividend payout ratio is presently 8.63%.

Analysts Set New Price Targets

ALL has been the topic of a number of research analyst reports. Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods reiterated an "underperform" rating and set a $250.00 price target (down from $255.00) on shares of Allstate in a report on Thursday, August 20th. JPMorgan Chase & Co. raised their price objective on Allstate from $282.00 to $292.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Mizuho boosted their price objective on shares of Allstate from $255.00 to $272.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Finally, UBS Group upped their target price on shares of Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Four equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $265.42.

Insider Buying and Selling

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $21,747,396.96. This represents a 40.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Dugenske sold 32,996 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the completion of the transaction, the insider directly owned 13,054 shares of the company's stock, valued at $3,515,833.82. This represents a 71.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by corporate insiders.

Allstate Profile

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate's roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.

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