Citizens Financial Group Inc. RI Invests $1.17 Million in The Allstate Corporation $ALL

Key Points

• Citizens Financial Group purchased 4,912 Allstate shares worth approximately $1.17 million in the second quarter. Institutional investors collectively own 76.47% of Allstate.
• Analyst sentiment is mixed, with an average rating of “Hold” and a consensus price target of $265.53. Allstate recently reported adjusted earnings of $8.99 per share, well above the $6.06 consensus estimate.
• Allstate insiders sold nearly 93,000 shares worth about $24.5 million over the past 90 days, while the company announced a quarterly dividend of $1.08 per share, representing a 1.7% annualized yield.

Citizens Financial Group Inc. RI bought a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 4,912 shares of the insurance provider's stock, valued at approximately $1,174,000.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Allstate in the second quarter valued at about $5,439,448,000. Deutsche Bank AG acquired a new stake in shares of Allstate during the second quarter worth approximately $1,008,648,000. Norges Bank bought a new position in shares of Allstate in the fourth quarter valued at approximately $531,294,000. Bank of New York Mellon Corp bought a new position in shares of Allstate in the second quarter valued at approximately $425,484,000. Finally, GQG Partners LLC boosted its holdings in shares of Allstate by 36.0% in the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. 76.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ALL. Weiss Ratings upgraded Allstate from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, August 6th. Mizuho lifted their price objective on Allstate from $255.00 to $272.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Roth Capital set a $300.00 price objective on Allstate in a research note on Thursday, August 6th. HSBC lowered Allstate from a "buy" rating to a "hold" rating and raised their target price for the company from $244.00 to $264.00 in a research note on Monday, July 6th. Finally, Wall Street Zen raised Allstate from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Allstate has an average rating of "Hold" and a consensus price target of $265.53.

Insider Buying and Selling at Allstate

In other news, insider John E. Dugenske sold 32,996 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction that occurred on 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 sale, the chief operating officer owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 92,996 shares of company stock valued at $24,543,894. 1.55% of the stock is currently owned by company insiders.

Allstate Stock Up 1.2%

NYSE ALL opened at $261.27 on Wednesday. The stock has a fifty day moving average of $248.26 and a 200-day moving average of $223.92. The stock has a market capitalization of $66.06 billion, a P/E ratio of 5.22, a price-to-earnings-growth ratio of 0.41 and a beta of 0.16. 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.

Allstate (NYSE:ALL - Get Free Report) last issued 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 $15.43 billion for 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%.The firm's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.94 earnings per share. On average, equities research analysts forecast that The Allstate Corporation will post 34.2 EPS for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be given 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 yield of 1.7%. Allstate's dividend payout ratio is presently 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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