Deutsche Bank AG Buys Shares of 4,239,087 The Allstate Corporation $ALL

Key Points

• Deutsche Bank acquired 4.24 million Allstate shares worth approximately $1.01 billion, giving it a 1.65% stake. Institutional investors collectively own 76.47% of Allstate.
• Analyst sentiment remains mixed, with an average rating of “Hold” and an average price target of $265.53; individual targets range from $250 to $272.
• Allstate reported strong quarterly earnings of $8.99 per share, well above the $6.06 consensus estimate, while revenue rose 11.8% year over year. The company also declared a quarterly dividend of $1.08, representing a 1.7% yield.

Deutsche Bank AG purchased a new stake in 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 fund purchased 4,239,087 shares of the insurance provider's stock, valued at approximately $1,008,648,000. Deutsche Bank AG owned approximately 1.65% of Allstate as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. Allied Private Wealth LLC purchased a new position in Allstate during the second quarter valued at approximately $29,000. Kelleher Financial Advisors purchased a new stake in Allstate during the second quarter worth $28,000. MV Capital Management Inc. purchased a new stake in Allstate during the fourth quarter worth $25,000. Navalign LLC bought a new stake in Allstate during the 4th quarter valued at $27,000. Finally, Evolution Wealth Management Inc. increased its holdings in shares of 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 acquiring an additional 140 shares during the period. Hedge funds and other institutional investors own 76.47% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ALL shares. Morgan Stanley set a $265.00 price target on Allstate in a research report on Tuesday, August 11th. Wells Fargo & Company lowered Allstate from an "equal weight" rating to an "underweight" rating and lifted their target price for the company from $243.00 to $250.00 in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Allstate from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, August 6th. HSBC lowered shares of Allstate from a "buy" rating to a "hold" rating and increased their price target for the company from $244.00 to $264.00 in a research report on Monday, July 6th. Finally, Mizuho raised their price target on shares of Allstate from $255.00 to $272.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Allstate has an average rating of "Hold" and an average target price of $265.53.

Insiders Place Their Bets

In related news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the sale, the insider directly owned 27,558 shares in the company, valued at $5,959,968.66. This trade represents a 5.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Mario Rizzo sold 56,225 shares of the business's 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 directly owned 82,227 shares in the company, 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. Insiders have sold a total of 92,996 shares of company stock worth $24,543,894 over the last ninety days. Insiders own 1.55% of the company's stock.

Allstate Stock Performance

Shares of ALL opened at $257.88 on Tuesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The firm has a market cap of $65.21 billion, a PE ratio of 5.15, a P/E/G ratio of 0.41 and a beta of 0.16. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $277.22. The stock has a fifty day moving average price of $247.38 and a 200-day moving average price of $223.47.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm had revenue of $15.43 billion for the quarter, compared to the consensus estimate of $15.46 billion. During the same period in the previous year, the business earned $5.94 EPS. The firm's revenue for the quarter was up 11.8% on a year-over-year basis. Equities research analysts predict that The Allstate Corporation will post 33.92 earnings per share for the current fiscal year.

Allstate Dividend Announcement

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

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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