Canada Pension Plan Investment Board Acquires New Holdings in The Allstate Corporation $ALL

Key Points

• Canada Pension Plan Investment Board acquired 790,255 Allstate shares worth approximately $188 million, while institutional investors collectively owned 76.47% of the insurer.
• Allstate reported quarterly earnings of $8.99 per share, beating estimates of $6.06, as revenue rose 11.8% year over year to $18.6 billion.
• Shares opened at $262.08, near the analyst consensus price target of $265.26; the company also declared a quarterly dividend of $1.08 per share, yielding about 1.6% annually.

Canada Pension Plan Investment Board bought a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 790,255 shares of the insurance provider's stock, valued at approximately $188,033,000. Canada Pension Plan Investment Board owned approximately 0.31% of Allstate at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Legal & General Group Plc acquired a new position in shares of Allstate during the 2nd quarter worth approximately $455,302,000. The Manufacturers Life Insurance Company acquired a new stake in Allstate during the 2nd quarter valued at $42,409,000. Van Hulzen Asset Management LLC purchased a new position in Allstate during the second quarter worth $728,000. Veratis Advisors Inc. purchased a new position in Allstate during the second quarter worth $764,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Allstate in the second quarter worth $42,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

Insider Transactions at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director 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 document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at $21,747,396.96. The trade was a 40.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 91,446 shares of company stock valued at $24,208,675. Insiders own 1.55% of the company's stock.

Allstate Price Performance

ALL stock opened at $262.08 on Thursday. The stock's 50 day moving average is $252.60 and its two-hundred day moving average is $226.21. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22. The company has a market capitalization of $66.27 billion, a PE ratio of 5.23, a P/E/G ratio of 0.39 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The business had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $5.94 earnings per share. Analysts predict that The Allstate Corporation will post 34.45 earnings per share for the current fiscal 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 $1.08 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 annualized dividend and a dividend yield of 1.6%. Allstate's payout ratio is presently 8.63%.

Analyst Ratings Changes

A number of analysts recently commented on ALL shares. HSBC lowered Allstate from a "buy" rating to a "hold" rating and increased their price objective for the company from $244.00 to $264.00 in a research note on Monday, July 6th. JPMorgan Chase & Co. upped their target price on shares of Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $315.00 price target on shares of Allstate in a research note on Tuesday, August 11th. UBS Group boosted their price objective on shares of Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Finally, Roth Capital set a $300.00 price objective on shares of Allstate in a research note on Thursday, August 6th. Four analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Allstate has a consensus rating of "Hold" and an average price target 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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