Cibc World Market Inc. Buys Shares of 23,815 The Allstate Corporation $ALL

Key Points

• CIBC World Markets initiated a position in Allstate by purchasing 23,815 shares valued at approximately $5.67 million. Institutional investors collectively own 76.47% of the company.
• Allstate reported quarterly EPS of $8.99, exceeding the $6.06 consensus estimate, while revenue reached $18.60 billion, up 11.8% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $265.26. Allstate also declared a quarterly dividend of $1.08 per share, representing a 1.7% annualized yield.

Cibc World Market Inc. purchased a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 23,815 shares of the insurance provider's stock, valued at approximately $5,667,000.

Other hedge funds have also recently made changes to their positions in the company. MV Capital Management Inc. purchased a new stake in Allstate in the fourth quarter worth approximately $25,000. Gables Capital Management Inc. purchased a new stake in Allstate during the 2nd quarter valued at $26,000. Navalign LLC purchased a new stake in Allstate during the 4th quarter valued at $27,000. Kelleher Financial Advisors bought a new position in shares of Allstate during the 2nd quarter valued at $28,000. Finally, Evolution Wealth Management Inc. lifted its holdings in shares of Allstate by 7,000.0% during the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock valued at $29,000 after buying an additional 140 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on ALL. Atlantic Securities set a $319.00 price objective on Allstate in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $250.00 target price (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Evercore set a $240.00 price target on Allstate in a research note on Friday, July 10th. Cantor Fitzgerald upped their price target on shares of Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Finally, Morgan Stanley set a $265.00 price objective on shares of Allstate in a research note on Tuesday, August 11th. Four equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $265.26.

Allstate Price Performance

Shares of Allstate stock opened at $257.72 on Wednesday. The stock has a market cap of $65.17 billion, a P/E ratio of 5.15, a P/E/G ratio of 0.40 and a beta of 0.16. 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 stock's fifty day moving average is $251.80 and its 200 day moving average is $225.88. The Allstate Corporation has a one year low of $188.08 and a one year high of $277.22.

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 (EPS) for the quarter, beating the consensus estimate of $6.06 by $2.93. The business had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate's revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.94 earnings per share. Sell-side analysts anticipate that The Allstate Corporation will post 34.45 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.7%. Allstate's payout ratio is 8.63%.

Insider Buying and Selling

In other Allstate news, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction that occurred 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 transaction, the chief operating officer owned 82,227 shares of the company's stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director owned 2,225 shares of the company's stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 91,446 shares of company stock valued at $24,208,675. 1.55% of the stock is owned by corporate insiders.

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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