Cullen Capital Management LLC Takes Position in The Allstate Corporation $ALL

Key Points

• Cullen Capital Management initiated a position in Allstate during the second quarter, purchasing 16,951 shares valued at approximately $4.0 million. Institutional investors collectively own 76.47% of Allstate’s outstanding stock.
• Allstate reported strong quarterly results, with earnings of $8.99 per share versus the $6.06 consensus estimate and revenue of $18.60 billion, up 11.8% year over year. The company also declared a quarterly dividend of $1.08 per share, representing a 1.7% annualized yield.
• Analyst opinions remain mixed: Allstate has an average rating of “Hold” and a consensus price target of $265.26, while insiders sold 91,446 shares worth approximately $24.2 million over the past 90 days.

Cullen Capital Management LLC 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 16,951 shares of the insurance provider's stock, valued at approximately $4,033,000.

Other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Allstate by 5.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock worth $112,533,000 after purchasing an additional 26,586 shares during the last quarter. Strategic Global Advisors LLC raised its holdings in shares of Allstate by 19.2% in the fourth quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider's stock valued at $10,175,000 after buying an additional 7,870 shares during the last quarter. Elevation Point Wealth Partners LLC raised its holdings in shares of Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider's stock valued at $4,016,000 after buying an additional 10,936 shares during the last quarter. CIBC Asset Management Inc lifted its position in Allstate by 69.2% during the 4th quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider's stock worth $13,116,000 after buying an additional 25,764 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in 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 worth $1,640,748,000 after acquiring an additional 596,321 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Stock Performance

ALL stock opened at $260.35 on Tuesday. The Allstate Corporation has a twelve month low of $188.08 and a twelve month high of $277.22. 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 company has a market cap of $65.83 billion, a P/E ratio of 5.20, a price-to-earnings-growth ratio of 0.39 and a beta of 0.16. The business's fifty day moving average is $251.11 and its 200-day moving average is $225.53.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $18.60 billion during the quarter, compared to analysts' expectations of $15.46 billion. During the same period in the previous year, the firm earned $5.94 earnings per share. The firm's quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts forecast that The Allstate Corporation will post 34.45 EPS for the current year.

Allstate Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $315.00 target price on shares of Allstate in a research note on Tuesday, August 11th. Mizuho increased their price target on shares of Allstate from $255.00 to $272.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Citigroup lowered shares of Allstate from a "neutral" rating to a "sell" rating and raised their price target for the company from $226.00 to $240.00 in a report on Tuesday, August 11th. Weiss Ratings upgraded Allstate from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, August 6th. Finally, Evercore set a $240.00 price objective on Allstate in a research report on Friday, July 10th. Four equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $265.26.

Insider Activity at Allstate

In other Allstate news, insider John E. Dugenske sold 32,996 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction 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 sale, the director owned 2,225 shares in the company, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 91,446 shares of company stock worth $24,208,675 in the last ninety days. Company insiders own 1.55% of the company's stock.

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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