Founders Financial Alliance LLC Invests $302,000 in The Allstate Corporation (NYSE:ALL)

Key Points

• Founders Financial Alliance LLC acquired a new stake in The Allstate Corporation, purchasing 1,460 shares valued at approximately $302,000 in the first quarter.
• Several hedge funds, including Vanguard Group Inc. and Bank of America Corp DE, have significantly increased their positions in Allstate, with institutional investors owning 76.47% of the company's stock.
• Allstate reported an impressive EPS of $5.94 for its latest quarter, exceeding estimates, while recently announcing a quarterly dividend of $1.00 per share.

Founders Financial Alliance LLC purchased a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,460 shares of the insurance provider's stock, valued at approximately $302,000.

A number of other large investors also recently modified their holdings of the business. Forsta AP Fonden grew its holdings in Allstate by 9.9% during the first quarter. Forsta AP Fonden now owns 89,600 shares of the insurance provider's stock worth $18,553,000 after acquiring an additional 8,100 shares during the period. Savvy Advisors Inc. grew its holdings in Allstate by 6.8% during the first quarter. Savvy Advisors Inc. now owns 1,249 shares of the insurance provider's stock worth $259,000 after acquiring an additional 79 shares during the period. National Bank of Canada FI grew its holdings in Allstate by 16.0% during the first quarter. National Bank of Canada FI now owns 226,356 shares of the insurance provider's stock worth $46,872,000 after acquiring an additional 31,197 shares during the period. Citigroup Inc. grew its holdings in Allstate by 79.4% during the first quarter. Citigroup Inc. now owns 324,622 shares of the insurance provider's stock worth $67,219,000 after acquiring an additional 143,647 shares during the period. Finally, AlphaCore Capital LLC grew its holdings in Allstate by 8.3% during the first quarter. AlphaCore Capital LLC now owns 3,347 shares of the insurance provider's stock worth $696,000 after acquiring an additional 257 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Price Performance

NYSE:ALL traded down $0.39 during trading hours on Monday, reaching $206.41. The company had a trading volume of 843,787 shares, compared to its average volume of 1,717,777. The stock has a 50-day moving average of $198.31 and a two-hundred day moving average of $197.95. The Allstate Corporation has a one year low of $169.95 and a one year high of $213.18. The firm has a market capitalization of $54.39 billion, a PE ratio of 9.70, a PEG ratio of 0.86 and a beta of 0.35. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. Allstate had a return on equity of 28.74% and a net margin of 8.79%. The firm had revenue of $15.05 billion for the quarter, compared to analysts' expectations of $16.59 billion. During the same period in the prior year, the business posted $1.61 earnings per share. The business's revenue was up 5.8% compared to the same quarter last year. Analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, August 29th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 29th. Allstate's dividend payout ratio is presently 18.81%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALL. Keefe, Bruyette & Woods lifted their price target on Allstate from $237.00 to $246.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. William Blair assumed coverage on Allstate in a report on Friday, June 6th. They set a "sector outperform" rating for the company. Wells Fargo & Company set a $202.00 price objective on Allstate and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Morgan Stanley boosted their price objective on Allstate from $235.00 to $245.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $260.00 price target (up from $250.00) on shares of Allstate in a report on Monday, August 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $229.20.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.