GAMMA Investing LLC Raises Holdings in The Allstate Corporation $ALL

Key Points

• GAMMA Investing LLC increased its stake in The Allstate Corporation by 21.9% during the second quarter, bringing its total holdings to 7,498 shares valued at approximately $1.51 million.
• Allstate reported earnings of $5.94 per share for the latest quarter, significantly above analyst estimates of $3.20, despite revenue falling short of expectations at $15.05 billion.
• The company announced a quarterly dividend of $1.00 per share, reflecting an annual dividend yield of 1.9%, with the ex-dividend date set for August 29.

GAMMA Investing LLC raised its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 21.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,498 shares of the insurance provider's stock after acquiring an additional 1,346 shares during the quarter. GAMMA Investing LLC's holdings in Allstate were worth $1,509,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Rehmann Capital Advisory Group increased its holdings in Allstate by 3.2% in the first quarter. Rehmann Capital Advisory Group now owns 1,630 shares of the insurance provider's stock valued at $338,000 after buying an additional 51 shares in the last quarter. Vantage Point Financial LLC grew its holdings in shares of Allstate by 3.6% in the 1st quarter. Vantage Point Financial LLC now owns 1,495 shares of the insurance provider's stock worth $310,000 after acquiring an additional 52 shares during the period. Confluence Wealth Services Inc. increased its stake in Allstate by 0.7% in the 1st quarter. Confluence Wealth Services Inc. now owns 8,000 shares of the insurance provider's stock valued at $1,558,000 after purchasing an additional 54 shares in the last quarter. Linscomb Wealth Inc. raised its holdings in Allstate by 1.3% during the first quarter. Linscomb Wealth Inc. now owns 4,079 shares of the insurance provider's stock worth $845,000 after purchasing an additional 54 shares during the last quarter. Finally, Ancora Advisors LLC boosted its position in Allstate by 0.7% during the first quarter. Ancora Advisors LLC now owns 8,402 shares of the insurance provider's stock worth $1,740,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Stock Performance

Shares of NYSE:ALL opened at $206.49 on Tuesday. The business has a 50-day moving average of $201.84 and a two-hundred day moving average of $200.56. The firm has a market capitalization of $54.41 billion, a PE ratio of 9.71, a P/E/G ratio of 0.82 and a beta of 0.37. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The Allstate Corporation has a 12 month low of $176.00 and a 12 month high of $214.76.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, topping 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 business had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. During the same quarter in the previous year, the business earned $1.61 EPS. The company's revenue for the quarter was up 5.8% on a year-over-year basis. As a group, research analysts forecast that The Allstate Corporation will post 18.74 earnings per share for the current year.

Allstate Announces Dividend

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 paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 29th. Allstate's dividend payout ratio (DPR) is currently 18.81%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. BMO Capital Markets raised their price target on Allstate from $230.00 to $235.00 and gave the company an "outperform" rating in a research report on Wednesday, August 20th. Citigroup upgraded shares of Allstate to a "hold" rating in a research report on Wednesday, August 13th. Jefferies Financial Group upped their price target on shares of Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a report on Monday, August 11th. William Blair initiated coverage on shares of Allstate in a research note on Friday, June 6th. They set a "sector outperform" rating for the company. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $260.00 target price (up previously from $250.00) on shares of Allstate in a research note on Monday, August 4th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $231.47.

Allstate Company Profile

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.

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