Gradient Investments LLC Has $11.86 Million Position in The Allstate Corporation $ALL

Key Points

• Gradient Investments LLC significantly increased its stake in The Allstate Corporation by 5,053.6% during the second quarter, resulting in a total position valued at $11.86 million.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Allstate, with a target price of $231.21, reflecting optimism in the company's future performance.
• Allstate recently announced a quarterly dividend of $1.00 per share, translating to an annualized dividend yield of 2.0%.

Gradient Investments LLC raised its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 5,053.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,906 shares of the insurance provider's stock after purchasing an additional 57,763 shares during the quarter. Gradient Investments LLC's holdings in Allstate were worth $11,858,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ALL. Hughes Financial Services LLC acquired a new stake in Allstate during the 1st quarter valued at $28,000. Meeder Asset Management Inc. raised its stake in Allstate by 113.8% during the 1st quarter. Meeder Asset Management Inc. now owns 186 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 99 shares during the period. McClarren Financial Advisors Inc. acquired a new stake in Allstate during the 1st quarter valued at $43,000. Mattson Financial Services LLC acquired a new stake in Allstate during the 4th quarter valued at $44,000. Finally, 1 North Wealth Services LLC acquired a new stake in Allstate during the 1st quarter valued at $51,000. 76.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALL has been the topic of several research analyst reports. Wolfe Research initiated coverage on shares of Allstate in a report on Monday. They set an "outperform" rating on the stock. Citigroup upgraded shares of Allstate to a "hold" rating in a report on Wednesday, August 13th. BMO Capital Markets boosted their price target on shares of Allstate from $230.00 to $235.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. Wells Fargo & Company set a $202.00 price target on shares of Allstate and gave the company an "equal weight" rating in a report on Tuesday, August 5th. Finally, Raymond James Financial restated 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 analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.21.

Allstate Stock Down 1.7%

ALL stock opened at $196.92 on Tuesday. 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 52-week low of $176.00 and a 52-week high of $214.76. The company has a 50-day moving average of $201.04 and a two-hundred day moving average of $200.48. The stock has a market capitalization of $51.89 billion, a price-to-earnings ratio of 9.26, a price-to-earnings-growth ratio of 0.80 and a beta of 0.37.

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

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, August 29th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. Allstate's dividend payout ratio is currently 18.81%.

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.

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