Corient Private Wealth LP Trims Stock Holdings in The Allstate Corporation $ALL

Key Points

• Corient Private Wealth cut its Allstate stake by 23.5% in the second quarter, selling 60,252 shares and retaining 196,602 shares worth approximately $46.8 million.
• Institutional ownership remains substantial at 76.47%, with major investors including California State Teachers Retirement System, BlackRock, State Street and Bank of America increasing or establishing positions.
• Allstate beat quarterly earnings and revenue expectations, reporting $8.99 earnings per share and $18.6 billion in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $263.90, while the company declared a quarterly dividend of $1.08 per share.

Corient Private Wealth LP trimmed its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 23.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 196,602 shares of the insurance provider's stock after selling 60,252 shares during the period. Corient Private Wealth LP owned approximately 0.08% of Allstate worth $46,783,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. California State Teachers Retirement System raised its holdings in shares of Allstate by 24,845.7% during the second quarter. California State Teachers Retirement System now owns 97,055,726 shares of the insurance provider's stock worth $23,093,439,000 after purchasing an additional 96,666,658 shares during the last quarter. BlackRock Inc. acquired a new stake in Allstate during the 2nd quarter worth about $5,439,448,000. State Street Corp grew its position in Allstate by 3.7% during the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider's stock worth $2,571,600,000 after purchasing an additional 438,034 shares during the period. Bank of America Corp DE raised its stake in shares of Allstate by 8.1% during 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, GQG Partners LLC raised its stake in shares of Allstate by 36.0% during the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock valued at $1,142,449,000 after buying an additional 1,452,993 shares during the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Argus set a $238.00 target price on Allstate in a report on Friday, August 28th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $250.00 price target (down from $255.00) on shares of Allstate in a report on Thursday, August 20th. Cantor Fitzgerald upped their price objective on Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wells Fargo & Company cut shares of Allstate from an "equal weight" rating to an "underweight" rating and raised their price objective for the stock from $243.00 to $250.00 in a research note on Friday, August 7th. Finally, Roth Capital set a $300.00 target price on shares of Allstate in a report on Thursday, August 6th. Four research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $263.90.

Allstate Price Performance

Shares of Allstate stock opened at $253.77 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $277.22. The business has a 50-day moving average price of $257.92 and a 200 day moving average price of $230.39. The firm has a market cap of $64.17 billion, a PE ratio of 5.07, a P/E/G ratio of 0.57 and a beta of 0.15.

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 company had revenue of $18.60 billion during the quarter, compared to analysts' expectations of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.94 EPS. Sell-side analysts predict that The Allstate Corporation will post 35.5 earnings per share for the current fiscal year.

Allstate Announces Dividend

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

Insider Activity at Allstate

In other news, insider John Dugenske sold 32,996 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the transaction, the insider owned 13,054 shares in the company, valued at $3,515,833.82. This trade represents a 71.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 in the company, valued at $21,747,396.96. This represents a 40.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.55% of the company's stock.

Allstate Company Profile

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate's roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.

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