HB Wealth Management LLC Has $9.99 Million Position in The Allstate Corporation $ALL

Key Points

• HB Wealth Management increased its Allstate stake by 13% in the second quarter, bringing its holdings to 41,971 shares valued at approximately $9.99 million. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported stronger-than-expected quarterly results, with earnings of $8.99 per share and revenue of $18.60 billion; however, the stock has fallen 4.4% since its latest earnings report. Analysts maintain a consensus “Hold” rating with an average price target of $263.90.
• The company declared a quarterly dividend of $1.08 per share, equivalent to an annualized $4.32 payout and a 1.7% yield. Meanwhile, two insiders sold a combined 89,221 shares in August.

HB Wealth Management LLC boosted its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 13.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,971 shares of the insurance provider's stock after buying an additional 4,831 shares during the quarter. HB Wealth Management LLC's holdings in Allstate were worth $9,987,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Nilsine Partners LLC raised its stake in shares of Allstate by 1.0% during the second quarter. Nilsine Partners LLC now owns 14,347 shares of the insurance provider's stock valued at $3,414,000 after acquiring an additional 142 shares during the last quarter. Saudi Central Bank grew its stake in shares of Allstate by 87.1% in the second quarter. Saudi Central Bank now owns 18,076 shares of the insurance provider's stock worth $4,301,000 after purchasing an additional 8,417 shares during the last quarter. Angeles Wealth Management LLC grew its stake in shares of Allstate by 3.2% in the second quarter. Angeles Wealth Management LLC now owns 1,972 shares of the insurance provider's stock worth $471,000 after purchasing an additional 62 shares during the last quarter. Compass Financial Management LLC acquired a new stake in Allstate in the second quarter valued at $39,000. Finally, Shah Wealth Advisors LLC bought a new position in Allstate during the 2nd quarter worth $888,000. 76.47% of the stock is owned by institutional investors.

Trending Headlines about Allstate

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Allstate is included among insurers using artificial intelligence, data and technology to improve operating efficiency, underwriting and growth, which could support long-term margins and competitiveness. 3 Insurers to Add to Portfolio as AI Transforms Insurance Operations
• Positive Sentiment: A review of Allstate’s financial strength and earnings outlook suggests the company may merit renewed investor consideration, reinforcing the case for its profitability and balance-sheet position. Affirmed Financial Strength And Earnings Outlook Might Change The Case For Investing In Allstate
• Positive Sentiment: Allstate is highlighted as a value-oriented property-and-casualty insurer with premium growth, underwriting discipline and investment-portfolio gains. 3 P&C Insurers to Add for Better Returns in Sluggish September
• Positive Sentiment: Allstate is listed among low-beta, dividend-paying stocks that could offer defensive characteristics during September volatility, with improving earnings estimates cited as a supporting factor. Buy 5 Stocks to Stay Safe in Wall Street's Historically Worst Month
• Neutral Sentiment: Comparisons with Tokio Marine focus on relative valuation and value-investing characteristics rather than a new company-specific catalyst. ALL or TKOMY: Which Is the Better Value Stock Right Now?
• Neutral Sentiment: An Allstate driving-safety report ranking for Wichita provides local auto-insurance context but does not materially change the company’s financial outlook. How bad or good are Wichita drivers? See how the city ranks in Allstate report
• Negative Sentiment: Allstate shares have declined since the latest earnings report, prompting questions about whether the stock can rebound despite the company’s stronger-than-expected results. Allstate Down 4.4% Since Last Earnings Report: Can It Rebound?
• Negative Sentiment: A report that Tyler Perry paid an 81-year-old woman’s $18,000 repair bill after Allstate denied her claim could create reputational risk and renewed scrutiny of claims-handling practices, although it appears to be an isolated customer dispute. Tyler Perry pays 81-year-old woman's $18K repair bill after Allstate denies claim

Insider Buying and Selling

In other news, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the sale, the chief operating officer owned 82,227 shares in the company, valued at $21,747,396.96. The trade was a 40.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John E. Dugenske sold 32,996 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the transaction, the insider owned 13,054 shares in the company, valued at $3,515,833.82. The trade was a 71.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.55% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ALL. Cantor Fitzgerald lifted their target price on Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. HSBC cut Allstate from a "buy" rating to a "hold" rating and increased their price target for the company from $244.00 to $264.00 in a research note on Monday, July 6th. Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research report on Monday, July 20th. UBS Group upped their target price on Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Finally, Weiss Ratings downgraded shares of Allstate from a "buy (a)" rating to a "buy (a-)" rating in a research report on Tuesday, August 25th. Four analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $263.90.

Allstate Stock Performance

Shares of ALL opened at $259.43 on Monday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The firm's fifty day simple moving average is $256.91 and its two-hundred day simple moving average is $228.91. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $277.22. The stock has a market capitalization of $65.60 billion, a P/E ratio of 5.18, a price-to-earnings-growth ratio of 0.58 and a beta of 0.15.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share 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 analyst estimates of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business's quarterly revenue was up 11.8% on a year-over-year basis. During the same period last year, the company posted $5.94 EPS. As a group, analysts predict that The Allstate Corporation will post 35.5 EPS for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate's payout ratio is presently 8.63%.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.

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