Kingsview Wealth Management LLC Makes New $2.06 Million Investment in The Allstate Corporation $ALL

Key Points

• Kingsview Wealth Management acquired 8,651 Allstate shares worth approximately $2.06 million in the second quarter. Institutional investors and hedge funds collectively own 76.47% of Allstate.
• Allstate reported strong quarterly results, with EPS of $8.99 beating estimates of $6.06 and revenue rising 11.8% year over year to $18.6 billion. The company also announced a quarterly dividend of $1.08 per share, yielding about 1.7% annually.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $263.90 price target. Meanwhile, insiders sold roughly 91,446 shares valued at $24.2 million over the past three months.

Kingsview Wealth Management LLC acquired a new stake 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 and Exchange Commission. The fund acquired 8,651 shares of the insurance provider's stock, valued at approximately $2,059,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in Allstate during the second quarter valued at about $5,439,448,000. Bank of America Corp DE purchased a new position in shares of Allstate in the 2nd quarter worth about $1,410,362,000. GQG Partners LLC purchased a new position in shares of Allstate in the 2nd quarter worth about $1,245,710,000. Deutsche Bank AG acquired a new position in shares of Allstate in the 2nd quarter valued at about $1,008,648,000. Finally, Norges Bank acquired a new position in shares of Allstate in the 4th quarter valued at about $531,294,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 value of $14,870,388.00. Following 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 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 dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the sale, 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. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 91,446 shares of company stock valued at $24,208,675. Company insiders own 1.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ALL shares. Weiss Ratings cut shares of Allstate from a "buy (a)" rating to a "buy (a-)" rating in a research report on Tuesday. Citigroup lowered shares of Allstate from a "neutral" rating to a "sell" rating and increased their price objective for the stock from $226.00 to $240.00 in a research report on Tuesday, August 11th. Wells Fargo & Company downgraded shares of Allstate from an "equal weight" rating to an "underweight" rating and raised their target price for the company from $243.00 to $250.00 in a research note on Friday, August 7th. Roth Capital set a $300.00 target price on shares of Allstate in a report on Thursday, August 6th. Finally, Atlantic Securities set a $319.00 price target on shares of Allstate in a research report on Wednesday, July 15th. 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. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $263.90.

Allstate Stock Up 1.4%

NYSE:ALL opened at $261.17 on Friday. 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 company has a market capitalization of $66.04 billion, a price-to-earnings ratio of 5.22, a price-to-earnings-growth ratio of 0.40 and a beta of 0.16. The Allstate Corporation has a one year low of $188.08 and a one year high of $277.22. The stock has a 50-day simple moving average of $254.14 and a 200 day simple moving average of $226.81.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings results 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. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. During the same period in the previous year, the business earned $5.94 EPS. The business's quarterly revenue was up 11.8% on a year-over-year basis. Sell-side analysts predict that The Allstate Corporation will post 34.45 EPS for the current fiscal year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued 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 of this dividend is Monday, August 31st. Allstate's dividend payout ratio is 8.63%.

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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