Johnson Financial Group Inc. Buys New Position in The Allstate Corporation $ALL

Key Points

• Johnson Financial Group purchased 20,915 Allstate shares worth approximately $5 million, while institutional investors overall own 76.47% of the stock.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $265.53 price target, despite JPMorgan assigning an overweight rating and Zacks upgrading Allstate to strong buy.
• Allstate reported quarterly EPS of $8.99, well above the $6.06 estimate, with revenue up 11.8% year over year. The company declared a quarterly dividend of $1.08 per share, representing a 1.7% yield.

Johnson Financial Group Inc. purchased a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,915 shares of the insurance provider's stock, valued at approximately $4,999,000.

Several other large investors have also bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Allstate by 5.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock worth $112,533,000 after acquiring an additional 26,586 shares during the period. Strategic Global Advisors LLC grew its stake in Allstate by 19.2% in the 4th quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider's stock valued at $10,175,000 after purchasing an additional 7,870 shares during the period. Elevation Point Wealth Partners LLC increased its position 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 valued at $4,016,000 after purchasing an additional 10,936 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Allstate by 69.2% during the 4th quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider's stock worth $13,116,000 after purchasing an additional 25,764 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Allstate by 8.1% during 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 during the period. 76.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on ALL. Citigroup lowered shares of Allstate from a "neutral" rating to a "sell" rating and increased their price target for the company from $226.00 to $240.00 in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods boosted their target price on shares of Allstate from $242.00 to $255.00 and gave the company a "market perform" rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. raised their price target on shares of Allstate from $282.00 to $292.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. Cantor Fitzgerald lifted their price target on shares of Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Finally, Zacks Research upgraded Allstate from a "hold" rating to a "strong-buy" rating in a research note on Monday. Four investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $265.53.

Insider Buying and Selling

In other news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider directly owned 27,558 shares of the company's stock, valued at approximately $5,959,968.66. This represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, the director directly owned 2,225 shares of the company's stock, valued at approximately $451,474.75. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 92,996 shares of company stock worth $24,543,894. Company insiders own 1.55% of the company's stock.

Allstate Stock Performance

Shares of ALL stock opened at $260.24 on Thursday. The firm's 50 day moving average is $249.00 and its 200 day moving average is $224.35. The stock has a market capitalization of $65.80 billion, a P/E ratio of 5.20, a PEG ratio of 0.40 and a beta of 0.16. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. The business had revenue of $15.43 billion during the quarter, compared to analyst estimates of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. Allstate's revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned $5.94 EPS. On average, sell-side analysts anticipate that The Allstate Corporation will post 34.5 earnings per share for the current year.

Allstate Announces Dividend

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

About Allstate

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source