Independent Financial Group LLC Acquires New Shares in The Allstate Corporation $ALL

Key Points

• Independent Financial Group LLC opened a new position in Allstate during the first quarter, buying 6,286 shares valued at about $1.3 million.
• Allstate reported better-than-expected Q1 earnings, with EPS of $10.65 versus $7.31 expected and revenue of $16.94 billion versus $15.24 billion anticipated.
• The company also announced a quarterly dividend of $1.08 per share, payable October 1, which implies an annualized yield of about 1.7%.

Independent Financial Group LLC bought a new position in The Allstate Corporation (NYSE:ALL - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,286 shares of the insurance provider's stock, valued at approximately $1,303,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MV Capital Management Inc. bought a new stake in shares of Allstate in the 4th quarter valued at approximately $25,000. Navalign LLC bought a new position in Allstate during the fourth quarter valued at approximately $27,000. Dorato Capital Management acquired a new stake in Allstate in the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. grew its position in Allstate by 7,000.0% in the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock worth $29,000 after acquiring an additional 140 shares in the last quarter. Finally, Palisade Asset Management LLC acquired a new position in shares of Allstate during the 3rd quarter worth $31,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALL has been the topic of a number of recent research reports. Piper Sandler restated an "overweight" rating on shares of Allstate in a report on Thursday, May 28th. Mizuho increased their target price on shares of Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. HSBC lowered Allstate from a "buy" rating to a "hold" rating and raised their target price for the company from $244.00 to $264.00 in a report on Monday, July 6th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Allstate in a research report on Thursday, June 18th. Finally, Zacks Research downgraded Allstate from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 7th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $254.80.

Allstate Stock Performance

Shares of ALL opened at $253.73 on Tuesday. The company has a market capitalization of $65.32 billion, a PE ratio of 5.60, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The Allstate Corporation has a one year low of $188.08 and a one year high of $257.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The company's fifty day moving average price is $228.09 and its 200 day moving average price is $214.72.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. The company had revenue of $16.94 billion during the quarter, compared to analysts' expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $3.53 earnings per share. As a group, analysts expect that The Allstate Corporation will post 30.4 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date is Monday, August 31st. This represents a $4.32 annualized dividend and a yield of 1.7%. Allstate's dividend payout ratio is presently 9.53%.

Insider Buying and Selling at Allstate

In other Allstate news, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the transaction, the chief operating officer directly owned 82,227 shares of the company's stock, valued at $17,991,267.60. The trade was a 18.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark Q. Prindiville sold 1,550 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the transaction, the insider owned 27,558 shares of the company's stock, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,353 shares of company stock valued at $4,851,560 in the last 90 days. 1.55% of the stock is currently owned by insiders.

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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