Accurate Wealth Management LLC Buys New Position in The Allstate Corporation $ALL

Key Points

• Accurate Wealth Management LLC has acquired a new position in The Allstate Corporation, purchasing 12,963 shares valued at approximately $2,524,000 in the second quarter.
• The Allstate Corporation reported $5.94 earnings per share (EPS) for the quarter, significantly beating analysts' estimates of $3.20, with revenue of $15.05 billion.
• The company plans to pay a quarterly dividend of $1.00 per share on October 1st, which translates to a 1.9% yield.

Accurate Wealth Management LLC purchased a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 12,963 shares of the insurance provider's stock, valued at approximately $2,524,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arlington Trust Co LLC lifted its position in shares of Allstate by 261.8% in the second quarter. Arlington Trust Co LLC now owns 123 shares of the insurance provider's stock worth $25,000 after purchasing an additional 89 shares in the last quarter. Hughes Financial Services LLC acquired a new position in Allstate during the first quarter worth $28,000. Meeder Asset Management Inc. boosted its holdings in Allstate by 113.8% during the first quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock worth $39,000 after purchasing an additional 99 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new position in Allstate during the first quarter worth $43,000. Finally, Mattson Financial Services LLC acquired a new position in Allstate during the fourth quarter worth $44,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Trading Up 0.5%

Shares of Allstate stock opened at $207.56 on Wednesday. The business has a fifty day simple moving average of $202.14 and a two-hundred day simple moving average of $200.61. The Allstate Corporation has a 1 year low of $176.00 and a 1 year high of $214.76. The company has a market capitalization of $54.69 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 0.81 and a beta of 0.37. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. The company had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. Allstate had a net margin of 8.79% and a return on equity of 28.74%. Allstate's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.61 earnings per share. Research analysts forecast that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 annualized dividend and a yield of 1.9%. Allstate's payout ratio is presently 18.81%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of Allstate from $235.00 to $245.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. William Blair started coverage on Allstate in a report on Friday, June 6th. They issued a "sector outperform" rating for the company. Jefferies Financial Group increased their price objective on Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a report on Monday, August 11th. Barclays reissued an "underweight" rating and issued a $198.00 price objective (up previously from $188.00) on shares of Allstate in a report on Thursday, July 31st. Finally, Wells Fargo & Company set a $202.00 price objective on Allstate and gave the company an "equal weight" rating in a report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $231.47.

Allstate Company Profile

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.

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