Andra AP fonden Grows Stock Holdings in The Allstate Corporation $ALL

Key Points

• Andra AP fonden increased its Allstate stake by 81.2% in the second quarter, holding 56,898 shares valued at approximately $13.5 million. Institutional investors collectively own 76.47% of Allstate’s outstanding stock.
• Allstate reported strong quarterly results, with earnings of $8.99 per share versus the $6.06 estimate and revenue of $18.60 billion, up 11.8% year over year.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a consensus price target of $266.89. The company also declared a quarterly dividend of $1.08 per share, implying a 1.9% annualized yield.

Andra AP fonden lifted its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 81.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 56,898 shares of the insurance provider's stock after acquiring an additional 25,499 shares during the quarter. Andra AP fonden's holdings in Allstate were worth $13,538,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Allstate in the 2nd quarter valued at $5,439,448,000. Bank of America Corp DE lifted its stake in shares of Allstate by 8.1% during the 1st quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider's stock worth $1,640,748,000 after purchasing an additional 596,321 shares during the last quarter. GQG Partners LLC bought a new stake in Allstate during the second quarter valued at about $1,245,710,000. Franklin Resources Inc. boosted its holdings in shares of Allstate by 29.2% in the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock valued at $1,042,321,000 after buying an additional 1,131,172 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in shares of Allstate in the 2nd quarter worth approximately $1,008,648,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

ALL has been the subject of several analyst reports. Raymond James Financial reiterated a "strong-buy" rating and set a $315.00 price objective on shares of Allstate in a report on Tuesday, August 11th. Evercore set a $240.00 target price on shares of Allstate in a research note on Friday, July 10th. Keefe, Bruyette & Woods restated an "underperform" rating and set a $250.00 price target (down from $255.00) on shares of Allstate in a research note on Thursday, August 20th. Weiss Ratings upgraded shares of Allstate from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday, September 9th. Finally, Morgan Stanley set a $265.00 price objective on shares of Allstate in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $266.89.

Allstate Stock Performance

ALL opened at $229.26 on Wednesday. The firm's fifty day simple moving average is $257.65 and its two-hundred day simple moving average is $232.38. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22. The company has a market cap of $57.97 billion, a price-to-earnings ratio of 4.58, a PEG ratio of 0.55 and a beta of 0.15. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The company had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same period in the previous year, the business earned $5.94 EPS. Allstate's quarterly revenue was up 11.8% on a year-over-year basis. Equities analysts anticipate that The Allstate Corporation will post 35.48 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's dividend payout ratio (DPR) is currently 8.63%.

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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