California State Teachers Retirement System Has $23.09 Billion Holdings in The Allstate Corporation $ALL

Key Points

• California State Teachers Retirement System dramatically increased its Allstate stake by 24,845.7% in the second quarter, owning 97.1 million shares worth approximately $23.09 billion, or 38.38% of the company.
• Allstate reported strong quarterly results, with EPS of $8.99 versus the $6.06 consensus and revenue of $18.60 billion, up 11.8% year over year. The company also declared a $1.08 quarterly dividend, representing a 1.7% yield.
• Analyst sentiment remains mixed: Allstate has an average “Hold” rating and a consensus price target of $263.90, while shares recently opened at $259.43.

California State Teachers Retirement System lifted its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 24,845.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,055,726 shares of the insurance provider's stock after purchasing an additional 96,666,658 shares during the quarter. California State Teachers Retirement System owned 38.38% of Allstate worth $23,093,439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Strategic Global Advisors LLC acquired a new stake in shares of Allstate during the second quarter valued at about $11,680,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Allstate during the second quarter worth about $6,861,000. Elevation Point Wealth Partners LLC increased its stake in shares of Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider's stock valued at $4,016,000 after buying an additional 10,936 shares during the period. Bank of America Corp DE raised its holdings 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 valued at $1,640,748,000 after buying an additional 596,321 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in Allstate by 69.2% in the 4th quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider's stock valued at $13,116,000 after buying an additional 25,764 shares during the last quarter. Institutional investors own 76.47% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on ALL. Zacks Research raised shares of Allstate from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Cantor Fitzgerald raised their price target on shares of Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Barclays boosted their price objective on shares of Allstate from $213.00 to $226.00 and gave the stock an "underweight" rating in a research note on Thursday, August 6th. Weiss Ratings downgraded Allstate from a "buy (a)" rating to a "buy (a-)" rating in a report on Tuesday, August 25th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $315.00 target price on shares of Allstate in a research report on Tuesday, August 11th. Four research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $263.90.

Allstate Stock Down 0.1%

Shares of NYSE ALL opened at $259.43 on Tuesday. The company has a market capitalization of $65.60 billion, a P/E ratio of 5.18, a price-to-earnings-growth ratio of 0.58 and a beta of 0.15. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The company's 50 day moving average price is $257.28 and its 200-day moving average price is $229.24.

Allstate (NYSE:ALL - Get Free Report) last released its 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. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same quarter in the previous year, the business earned $5.94 earnings per share. Allstate's revenue for the quarter was up 11.8% on a year-over-year basis. Equities analysts forecast that The Allstate Corporation will post 35.5 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently declared 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 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 presently 8.63%.

Insider Activity at Allstate

In other Allstate news, insider John E. Dugenske sold 32,996 shares of Allstate 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 completion of the sale, the insider directly owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction on 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 sale, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $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. Company insiders own 1.55% of the company's stock.

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.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Allstate Corporation (NYSE:ALL - Free Report).

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.