Aware Super Pty Ltd as trustee of Aware Super Invests $10.77 Million in The Allstate Corporation $ALL

Key Points

• Aware Super bought a new position in Allstate during the first quarter, purchasing 51,946 shares valued at about $10.77 million.
• Institutional ownership of Allstate remains high, with several other funds adding to positions and 76.47% of the stock held by hedge funds and other institutional investors.
• Allstate reported strong quarterly earnings, posting $10.65 EPS versus $7.31 expected and revenue of $16.94 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $254.80.

Aware Super Pty Ltd as trustee of Aware Super purchased a new position in The Allstate Corporation (NYSE:ALL - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 51,946 shares of the insurance provider's stock, valued at approximately $10,770,000.

Several other institutional investors also recently bought and sold shares of ALL. Brighton Jones LLC increased its holdings in Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock worth $1,253,000 after buying an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in Allstate during the 4th quarter valued at $231,000. WINTON GROUP Ltd purchased a new position in shares of Allstate in the 2nd quarter worth $210,000. Treasurer of the State of North Carolina grew its holdings in shares of Allstate by 2.5% in the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider's stock worth $24,816,000 after acquiring an additional 3,051 shares during the period. Finally, Ieq Capital LLC grew its holdings in shares of Allstate by 20.1% in the second quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider's stock worth $7,713,000 after acquiring an additional 6,412 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on ALL shares. Wells Fargo & Company increased their target price on Allstate from $229.00 to $243.00 and gave the company an "equal weight" rating in a report on Wednesday, May 6th. Raymond James Financial upped their target price on shares of Allstate from $260.00 to $300.00 and gave the company a "strong-buy" rating in a report on Monday, July 6th. Zacks Research downgraded shares of Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Piper Sandler reiterated an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Finally, Evercore set a $240.00 price objective on Allstate in a research note on Friday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $254.80.

Insider Activity at Allstate

In related news, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the transaction, the chief operating officer owned 82,227 shares in the company, valued at approximately $17,991,267.60. This trade represents a 18.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is owned by corporate insiders.

Allstate Price Performance

ALL stock opened at $249.84 on Friday. The company has a market capitalization of $64.31 billion, a PE ratio of 5.51, a price-to-earnings-growth ratio of 0.42 and a beta of 0.16. The Allstate Corporation has a one year low of $188.08 and a one year high of $257.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The company's fifty day moving average price is $227.29 and its 200-day moving average price is $214.36.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The firm had revenue of $16.94 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same quarter last year, the business posted $3.53 earnings per share. The business's quarterly revenue was up 3.0% compared to the same quarter last year. On average, equities analysts anticipate that The Allstate Corporation will post 30.26 EPS for the current fiscal year.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio is currently 9.53%.

About Allstate

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.