Henson Edgewater Management LLC Makes New $2.21 Million Investment in The Allstate Corporation $ALL

Key Points

• Henson Edgewater Management purchased 8,650 Allstate shares worth approximately $2.21 million, making the insurer its 24th-largest holding. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported strong quarterly results, with earnings per share of $8.99 versus the $6.06 consensus estimate and revenue of $18.60 billion, up 11.8% year over year.
• The company declared a quarterly dividend of $1.08, or $4.32 annually, yielding about 1.7%. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $263.90.

Henson Edgewater Management LLC bought a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 8,650 shares of the insurance provider's stock, valued at approximately $2,213,000. Allstate accounts for about 1.2% of Henson Edgewater Management LLC's investment portfolio, making the stock its 24th largest position.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Allstate during the 2nd quarter valued at approximately $5,439,448,000. State Street Corp lifted its holdings in shares of Allstate by 3.7% in the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider's stock valued at $2,571,600,000 after buying an additional 438,034 shares during the period. Bank of America Corp DE boosted its position in 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 worth $1,640,748,000 after purchasing an additional 596,321 shares in the last quarter. GQG Partners LLC boosted its holdings in Allstate by 36.0% during the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock worth $1,142,449,000 after buying an additional 1,452,993 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Allstate by 29.2% during the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock worth $1,042,321,000 after acquiring an additional 1,131,172 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Price Performance

Allstate stock opened at $261.17 on Friday. The company has a fifty day simple moving average of $254.14 and a 200-day simple moving average of $226.81. The firm has a market capitalization of $66.04 billion, a price-to-earnings ratio of 5.22, a PEG ratio of 0.39 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The company's revenue for the quarter was up 11.8% on a year-over-year basis. During the same period last year, the firm posted $5.94 earnings per share. On average, equities analysts anticipate that The Allstate Corporation will post 34.45 EPS for the current fiscal year.

Allstate Announces Dividend

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 issued a $1.08 dividend. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. Allstate's dividend payout ratio is presently 8.63%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ALL. JPMorgan Chase & Co. lifted their price target on shares of Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Piper Sandler increased their price objective on shares of Allstate from $268.00 to $300.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Morgan Stanley set a $265.00 target price on shares of Allstate in a research report on Tuesday, August 11th. Roth Capital set a $300.00 price target on shares of Allstate in a research report on Thursday, August 6th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $315.00 price target on shares of Allstate 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 issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $263.90.

Insiders Place Their Bets

In other news, Director Andrea Redmond sold 2,225 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the sale, the director directly owned 2,225 shares in the company, valued at $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $8,886,812.68. Following the completion of the sale, the insider directly owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 91,446 shares of company stock valued at $24,208,675 in the last ninety days. 1.55% of the stock is currently owned by corporate insiders.

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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