Jupiter Topco LLC Invests $7.30 Million in The Allstate Corporation $ALL

Key Points

• Jupiter Topco LLC acquired 30,689 Allstate shares worth approximately $7.3 million in the second quarter. Institutional investors collectively own 76.47% of Allstate’s outstanding stock.
• Allstate reported strong quarterly results, with earnings of $8.99 per share 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 per share, equivalent to $4.32 annually and a 1.7% yield. Analysts’ average rating remains “Hold,” with an average price target of $263.90.

Jupiter Topco LLC purchased a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,689 shares of the insurance provider's stock, valued at approximately $7,300,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. increased its position in Allstate by 0.6% during the 4th quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider's stock worth $1,625,000 after purchasing an additional 50 shares during the period. Compound Planning Inc. lifted its holdings in shares of Allstate by 1.6% in the 4th quarter. Compound Planning Inc. now owns 3,216 shares of the insurance provider's stock valued at $669,000 after buying an additional 50 shares during the period. Cullen Frost Bankers Inc. boosted its stake in shares of Allstate by 0.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider's stock valued at $1,210,000 after buying an additional 52 shares in the last quarter. Root Financial Partners LLC grew its holdings in Allstate by 4.7% during the first quarter. Root Financial Partners LLC now owns 1,170 shares of the insurance provider's stock worth $243,000 after acquiring an additional 53 shares during the period. Finally, Montag A & Associates Inc. grew its holdings in Allstate by 10.2% during the fourth quarter. Montag A & Associates Inc. now owns 596 shares of the insurance provider's stock worth $125,000 after acquiring an additional 55 shares during the period. Institutional investors and hedge funds own 76.47% of the company's stock.

Insider Transactions at Allstate

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction dated Friday, August 7th. The stock was 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 of the company's stock, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by corporate insiders.

Allstate Stock Performance

Shares of ALL stock opened at $261.17 on Monday. The stock has a fifty day moving average price of $254.14 and a 200 day moving average price of $227.00. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market cap of $66.04 billion, a PE ratio of 5.22, a P/E/G ratio of 0.40 and a beta of 0.16. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22.

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

Allstate Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ALL shares. JPMorgan Chase & Co. raised their target price on Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Mizuho upped their price target on shares of Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Piper Sandler increased their price target on shares of Allstate from $268.00 to $300.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Atlantic Securities set a $319.00 price objective on shares of Allstate in a research note on Wednesday, July 15th. Finally, Cantor Fitzgerald boosted their price objective on shares of Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Four analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Allstate currently has an average rating of "Hold" and an average price target of $263.90.

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.

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