BlackRock Inc. Acquires Shares of 22,860,586 The Allstate Corporation $ALL

Key Points

• BlackRock acquired 22.86 million Allstate shares worth approximately $5.44 billion, giving it an 8.88% stake. Institutional investors collectively owned 76.47% of Allstate.
• Allstate reported quarterly earnings of $8.99 per share, beating the $6.06 consensus estimate, while revenue rose 11.8% year over year to $15.43 billion.
• Analyst sentiment remained mixed, with a consensus rating of “Hold” and an average price target of $265.53. Allstate also declared a quarterly dividend of $1.08 per share, representing a 1.7% annualized yield.

BlackRock Inc. acquired a new stake in The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 22,860,586 shares of the insurance provider's stock, valued at approximately $5,439,448,000. BlackRock Inc. owned about 8.88% of Allstate at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Allied Private Wealth LLC purchased a new stake in Allstate during the 2nd quarter valued at $29,000. Kelleher Financial Advisors purchased a new position in Allstate during the second quarter worth $28,000. MV Capital Management Inc. purchased a new position in Allstate during the fourth quarter worth $25,000. Navalign LLC bought a new position in Allstate during the fourth quarter valued at $27,000. Finally, Evolution Wealth Management Inc. increased its position in Allstate by 7,000.0% during the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Insider Activity at Allstate

In other news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the completion of the sale, the insider owned 27,558 shares of the company's stock, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the sale, the director owned 2,225 shares of the company's stock, valued at $451,474.75. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 92,996 shares of company stock valued at $24,543,894. 1.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ALL shares. Raymond James Financial restated a "strong-buy" rating and issued a $315.00 target price on shares of Allstate in a report on Tuesday, August 11th. Citigroup downgraded shares of Allstate from a "neutral" rating to a "sell" rating and upped their price target for the company from $226.00 to $240.00 in a report on Tuesday, August 11th. The Goldman Sachs Group reissued a "neutral" rating and issued a $280.00 price objective on shares of Allstate in a research report on Friday, August 7th. Piper Sandler raised their price objective on shares of Allstate from $268.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. Finally, Atlantic Securities set a $319.00 price objective on shares of Allstate in a research note on Wednesday, July 15th. Three investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $265.53.

Allstate Stock Down 1.4%

Shares of ALL opened at $257.88 on Tuesday. The firm has a fifty day moving average price of $247.38 and a 200-day moving average price of $223.47. 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 firm has a market capitalization of $65.21 billion, a P/E ratio of 5.15, a P/E/G ratio of 0.41 and a beta of 0.16. 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 posted its quarterly earnings results 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 net margin of 18.97% and a return on equity of 41.64%. The company had revenue of $15.43 billion for the quarter, compared to the consensus estimate of $15.46 billion. During the same quarter last year, the firm posted $5.94 EPS. The firm's revenue was up 11.8% compared to the same quarter last year. Equities research analysts expect that The Allstate Corporation will post 33.92 earnings per share for the current year.

Allstate Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.7%. Allstate's dividend payout ratio (DPR) is 8.63%.

Allstate 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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