Envestnet Portfolio Solutions Inc. Grows Stock Holdings in The Allstate Corporation $ALL

Key Points

• Envestnet Portfolio Solutions increased its Allstate stake by 30.4% in the second quarter, bringing its holdings to 67,159 shares valued at approximately $15.6 million. Institutional investors collectively own 76.47% of Allstate’s outstanding stock.
• Allstate reported strong quarterly results, with EPS of $8.99 versus the $6.06 consensus estimate and revenue of $18.6 billion, up 11.8% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $266.89, while Allstate declared a quarterly dividend of $1.08 per share, equivalent to a 1.9% annual yield.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 30.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,159 shares of the insurance provider's stock after acquiring an additional 15,649 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Allstate were worth $15,627,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Allstate in the 2nd quarter worth $5,439,448,000. Bank of America Corp DE bought a new stake in shares of Allstate in the second quarter valued at about $1,410,362,000. GQG Partners LLC purchased a new stake in Allstate in the second quarter worth about $1,245,710,000. Deutsche Bank AG bought a new position in Allstate during the 2nd quarter worth about $1,008,648,000. Finally, Norges Bank purchased a new position in Allstate during the 4th quarter valued at about $531,294,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Allstate

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction 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 completion of the sale, the chief operating officer owned 82,227 shares of the company's stock, valued at $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Dugenske sold 32,996 shares of the company's 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 completion of the transaction, the insider directly owned 13,054 shares in the company, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Allstate from $213.00 to $226.00 and gave the stock an "underweight" rating in a research report on Thursday, August 6th. Atlantic Securities set a $319.00 price objective on Allstate in a research report on Wednesday, July 15th. Morgan Stanley set a $265.00 price objective on Allstate in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods reissued an "underperform" rating and set a $250.00 price objective (down from $255.00) on shares of Allstate in a report on Thursday, August 20th. Finally, Evercore set a $240.00 target price on shares of Allstate in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $266.89.

Allstate Stock Down 1.6%

Shares of ALL opened at $225.94 on Thursday. The Allstate Corporation has a 52-week low of $188.08 and a 52-week 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 stock has a fifty day simple moving average of $257.38 and a two-hundred day simple moving average of $232.48. The company has a market capitalization of $57.13 billion, a PE ratio of 4.51, a price-to-earnings-growth ratio of 0.52 and a beta of 0.15.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion during the quarter, compared to analysts' expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. Allstate's revenue was up 11.8% compared to the same quarter last year. During the same period last year, the business earned $5.94 earnings per share. As a group, equities analysts forecast that The Allstate Corporation will post 35.45 EPS for the current year.

Allstate Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio is presently 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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