Hennessy Advisors Inc. Sells 36,812 Shares of The Allstate Corporation $ALL

Key Points

• Hennessy Advisors cut its Allstate position by 73.5% in the second quarter, selling 36,812 shares and retaining 13,300 shares valued at approximately $3.17 million. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported stronger-than-expected quarterly results, with earnings per share of $8.99 versus estimates of $6.06 and revenue of $18.60 billion, up 11.8% year over year.
• The company declared a quarterly dividend of $1.08 per share, equivalent to an annualized $4.32 dividend and a 1.7% yield. Analysts’ consensus rating remains “Hold,” with an average price target of $263.90.

Hennessy Advisors Inc. trimmed its position in The Allstate Corporation (NYSE:ALL - Free Report) by 73.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,300 shares of the insurance provider's stock after selling 36,812 shares during the period. Hennessy Advisors Inc.'s holdings in Allstate were worth $3,165,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Strategic Global Advisors LLC bought a new stake in shares of Allstate in the second quarter worth $11,680,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Allstate by 5.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock valued at $112,533,000 after buying an additional 26,586 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Allstate during the 2nd quarter worth about $6,861,000. Elevation Point Wealth Partners LLC boosted its stake in shares of Allstate by 130.9% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider's stock worth $4,016,000 after buying an additional 10,936 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Allstate by 8.1% in the 1st quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider's stock valued at $1,640,748,000 after acquiring an additional 596,321 shares in the last quarter. 76.47% of the stock is currently owned by institutional investors.

Allstate Trading Up 0.2%

Shares of ALL stock opened at $261.17 on Monday. The Allstate Corporation has a 12-month low of $188.08 and a 12-month high of $277.22. The company has a market capitalization of $66.04 billion, a PE ratio of 5.22, a price-to-earnings-growth ratio of 0.40 and a beta of 0.16. The firm has a 50 day moving average price of $254.14 and a two-hundred day moving average price of $227.00. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same period in the prior year, the firm posted $5.94 EPS. The company's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, analysts predict that The Allstate Corporation will post 34.45 earnings per share for the current year.

Allstate Dividend Announcement

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

Insider Transactions at Allstate

In other Allstate news, insider John E. Dugenske sold 32,996 shares of the stock in a transaction that occurred 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. This represents a 71.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 82,227 shares in the company, valued at $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.55% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on ALL shares. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $280.00 price target on shares of Allstate in a research report on Friday, August 7th. Argus set a $238.00 target price on shares of Allstate in a research note on Friday. Morgan Stanley set a $265.00 price target on Allstate in a report on Tuesday, August 11th. Atlantic Securities set a $319.00 price objective on Allstate in a research note on Wednesday, July 15th. Finally, Citigroup downgraded Allstate from a "neutral" rating to a "sell" rating and lifted their target price for the stock from $226.00 to $240.00 in a research note on Tuesday, August 11th. Four equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $263.90.

Allstate 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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