Engineers Gate Manager LP Sells 126,986 Shares of The Allstate Corporation $ALL

Key Points

• Engineers Gate Manager LP cut its Allstate stake by 98.5% in the second quarter, selling 126,986 shares and retaining 1,991 shares valued at approximately $474,000. Institutional investors collectively own 76.47% of Allstate.
• Analysts maintain a mixed view of Allstate, resulting in a consensus “Hold” rating and an average price target of $266.89.
• Allstate reported strong quarterly results, with earnings of $8.99 per share versus the $6.06 estimate and revenue of $18.60 billion. The company also declared a quarterly dividend of $1.08 per share, representing a 1.9% yield.

Engineers Gate Manager LP reduced its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 98.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,991 shares of the insurance provider's stock after selling 126,986 shares during the period. Engineers Gate Manager LP's holdings in Allstate were worth $474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cidel Asset Management Inc. grew its position in Allstate by 4.6% during the 2nd quarter. Cidel Asset Management Inc. now owns 2,706 shares of the insurance provider's stock valued at $644,000 after purchasing an additional 118 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its holdings in Allstate by 14.9% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,120 shares of the insurance provider's stock worth $267,000 after buying an additional 145 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of Allstate by 8.1% in the second quarter. Integrated Wealth Concepts LLC now owns 6,408 shares of the insurance provider's stock worth $1,525,000 after buying an additional 479 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Allstate by 28.6% in the second quarter. NewEdge Advisors LLC now owns 49,772 shares of the insurance provider's stock worth $11,843,000 after buying an additional 11,079 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Allstate by 67.9% during the second quarter. IFP Advisors Inc now owns 4,857 shares of the insurance provider's stock valued at $1,156,000 after buying an additional 1,964 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ALL shares. Barclays boosted their price objective on shares of Allstate from $213.00 to $226.00 and gave the stock an "underweight" rating in a report on Thursday, August 6th. Atlantic Securities set a $319.00 target price on Allstate in a report on Wednesday, July 15th. Mizuho upped their price target on Allstate from $297.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, September 18th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $250.00 price objective (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Finally, Argus set a $238.00 price objective on Allstate in a report on Friday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Allstate has an average rating of "Hold" and a consensus target price of $266.89.

Insiders Place Their Bets

In other news, COO Mario Rizzo sold 56,225 shares of the business's 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 owned 82,227 shares of the company's stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Dugenske sold 32,996 shares of Allstate stock in a transaction 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.55% of the company's stock.

Allstate Stock Performance

Shares of ALL opened at $225.94 on Thursday. The firm has a market capitalization of $57.13 billion, a P/E ratio of 4.51, a PEG ratio of 0.52 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The Allstate Corporation has a one year low of $188.08 and a one year high of $277.22. The business has a fifty day moving average of $257.38 and a 200 day moving average of $232.48.

Allstate (NYSE:ALL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. The company had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate's revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.94 earnings per share. As a group, sell-side analysts anticipate that The Allstate Corporation will post 35.45 EPS for the current year.

Allstate Announces Dividend

The firm 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 dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio (DPR) is currently 8.63%.

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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