Bank OZK Takes $1.46 Million Position in The Allstate Corporation $ALL

Key Points

• Bank OZK acquired 6,114 Allstate shares during the second quarter, establishing a position worth approximately $1.46 million. Institutional investors and hedge funds collectively own 76.47% of Allstate’s stock.
• Allstate reported stronger-than-expected quarterly results, with EPS of $8.99 versus the $6.06 consensus estimate and revenue of $18.60 billion, up 11.8% year over year.
• Insiders sold 91,446 shares worth about $24.2 million over the past 90 days, while Allstate declared a quarterly dividend of $1.08 per share, representing a 1.7% yield.

Bank OZK acquired a new position in The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,114 shares of the insurance provider's stock, valued at approximately $1,455,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. MV Capital Management Inc. acquired a new stake in shares of Allstate in the fourth quarter worth $25,000. Gables Capital Management Inc. acquired a new position in Allstate during the second quarter valued at $26,000. Navalign LLC acquired a new position in Allstate during the fourth quarter valued at $27,000. Kelleher Financial Advisors purchased a new stake in Allstate in the second quarter valued at $28,000. Finally, Evolution Wealth Management Inc. boosted its holdings in Allstate by 7,000.0% in the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Insider Buying and Selling at Allstate

In related news, COO Mario Rizzo sold 56,225 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief operating officer 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John E. Dugenske sold 32,996 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the transaction, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 91,446 shares of company stock valued at $24,208,675 over the last ninety days. Corporate insiders own 1.55% of the company's stock.

Allstate Stock Down 1.7%

Allstate stock opened at $257.24 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $65.05 billion, a PE ratio of 5.14, a price-to-earnings-growth ratio of 0.40 and a beta of 0.16. The business has a 50 day simple moving average of $253.33 and a 200-day simple moving average of $226.56. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $277.22.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same quarter last year, the firm posted $5.94 EPS. The business's revenue was up 11.8% on a year-over-year basis. On average, analysts anticipate that The Allstate Corporation will post 34.45 EPS for the current fiscal year.

Allstate Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued 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 (DPR) is presently 8.63%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ALL shares. Roth Capital set a $300.00 price objective on Allstate in a report on Thursday, August 6th. Mizuho raised their target price on Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Weiss Ratings cut Allstate from a "buy (a)" rating to a "buy (a-)" rating in a research report on Tuesday. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $250.00 price target (down from $255.00) on shares of Allstate in a report on Thursday, August 20th. Finally, Barclays upped their price objective on Allstate from $213.00 to $226.00 and gave the stock an "underweight" rating in a research report on Thursday, August 6th. Four investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Allstate has an average rating of "Hold" and a consensus target price of $265.26.

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.

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