Coastal Bridge Advisors LLC Purchases New Holdings in The Allstate Corporation $ALL

Key Points

• Coastal Bridge Advisors initiated a position in Allstate by purchasing 17,851 shares valued at approximately $4.25 million. Institutional investors collectively own 76.47% of the insurer’s stock.
• Allstate reported quarterly earnings of $8.99 per share, exceeding estimates of $6.06, while revenue rose 11.8% year over year to $18.60 billion. The company also declared a quarterly dividend of $1.08 per share, representing a 1.7% yield.
• Analyst sentiment remains mixed but improved, with several firms raising price targets; MarketBeat’s consensus rating is “Hold” with a $265.26 target price. Meanwhile, insiders sold approximately $24.2 million of stock over the past three months.

Coastal Bridge Advisors LLC acquired a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 17,851 shares of the insurance provider's stock, valued at approximately $4,248,000.

Other institutional investors have also modified their holdings of the company. MV Capital Management Inc. purchased a new stake in shares of Allstate during the fourth quarter worth approximately $25,000. Gables Capital Management Inc. purchased a new position in Allstate in the 2nd quarter valued at $26,000. Navalign LLC purchased a new position in Allstate in the 4th quarter valued at $27,000. Kelleher Financial Advisors acquired a new position in Allstate in the 2nd quarter valued at $28,000. Finally, Evolution Wealth Management Inc. increased its stake in Allstate by 7,000.0% in 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. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Price Performance

Shares of NYSE ALL opened at $257.24 on Friday. The firm has a market capitalization of $65.05 billion, a P/E ratio of 5.14, a PEG ratio of 0.40 and a beta of 0.16. The Allstate Corporation has a one year low of $188.08 and a one year high of $277.22. The company's fifty day moving average is $253.33 and its two-hundred day moving average is $226.56. 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 posted 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. 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 analysts' expectations of $15.46 billion. During the same period in the prior year, the company posted $5.94 EPS. The business's revenue for the quarter was up 11.8% on a year-over-year basis. Analysts forecast that The Allstate Corporation will post 34.45 EPS for the current fiscal year.

Allstate Announces Dividend

The business 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. This represents a $4.32 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio is presently 8.63%.

Analyst Ratings Changes

Several analysts have recently commented on ALL shares. Piper Sandler raised their target price 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. Zacks Research raised shares of Allstate from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. JPMorgan Chase & Co. raised their price objective on shares of Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a research report on Tuesday, August 11th. Weiss Ratings lowered Allstate from a "buy (a)" rating to a "buy (a-)" rating in a report on Tuesday. Finally, Cantor Fitzgerald boosted their target price on Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $265.26.

Insider Buying and Selling at Allstate

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the transaction, 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. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the sale, the insider 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 disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 91,446 shares of company stock valued at $24,208,675. Corporate insiders own 1.55% of the company's stock.

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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