Beacon Pointe Advisors LLC Takes Position in The Allstate Corporation $ALL

Key Points

• Beacon Pointe Advisors purchased 15,461 Allstate shares worth approximately $3.7 million in the second quarter. Institutional investors own 76.47% of the insurer, with several major firms also increasing their stakes.
• Allstate reported strong quarterly results, with EPS of $8.99 beating estimates of $6.06 and revenue of $18.60 billion exceeding forecasts. Revenue rose 11.8% year over year, while analysts project $34.45 in full-year EPS.
• Allstate declared a quarterly dividend of $1.08 per share, equivalent to an annualized $4.32 and a 1.7% yield. The stock recently traded at $261.17, near analysts’ consensus price target of $263.90, while insiders have sold $24.2 million in shares over the past 90 days.

Beacon Pointe Advisors LLC purchased a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 15,461 shares of the insurance provider's stock, valued at approximately $3,677,000.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Allstate in the second quarter valued at about $5,439,448,000. State Street Corp increased its position in Allstate by 3.7% during the fourth quarter. State Street Corp now owns 12,297,551 shares of the insurance provider's stock worth $2,571,600,000 after acquiring an additional 438,034 shares during the period. Bank of America Corp DE raised its stake in Allstate by 8.1% in 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 in the last quarter. GQG Partners LLC boosted its holdings in Allstate by 36.0% in the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock valued at $1,142,449,000 after purchasing an additional 1,452,993 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in 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 purchasing an additional 1,131,172 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Insider Transactions at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at approximately $451,474.75. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John E. Dugenske sold 32,996 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the sale, the insider directly owned 13,054 shares in the company, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 91,446 shares of company stock worth $24,208,675. Corporate insiders own 1.55% of the company's stock.

Allstate Stock Up 1.4%

ALL stock opened at $261.17 on Friday. The firm has a 50-day moving average price of $254.14 and a 200-day moving average price of $226.81. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $66.04 billion, a P/E ratio of 5.22, a price-to-earnings-growth ratio of 0.40 and a beta of 0.16.

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

Allstate Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be paid 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 of this dividend is Monday, August 31st. Allstate's payout ratio is presently 8.63%.

Wall Street Analysts Forecast Growth

ALL has been the topic of several recent research reports. Atlantic Securities set a $319.00 target price on shares of Allstate in a report on Wednesday, July 15th. Roth Capital set a $300.00 price target on Allstate in a research report on Thursday, August 6th. Citigroup lowered Allstate from a "neutral" rating to a "sell" rating and raised their price objective for the stock from $226.00 to $240.00 in a research note on Tuesday, August 11th. JPMorgan Chase & Co. lifted their price objective on Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $315.00 target price on shares of Allstate in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $263.90.

Allstate Company Profile

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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