Legal & General Group Plc Buys New Position in The Allstate Corporation $ALL

Key Points

• Legal & General Group Plc purchased 1.91 million Allstate shares worth approximately $455.3 million, giving it a 0.76% stake. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported strong quarterly results, with EPS 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, equivalent to $4.32 annually and a 1.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $265.26, while insiders sold roughly $24.2 million of stock over the past 90 days.

Legal & General Group Plc purchased a new stake in The Allstate Corporation (NYSE:ALL - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,913,516 shares of the insurance provider's stock, valued at approximately $455,302,000. Legal & General Group Plc owned about 0.76% of Allstate as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of ALL. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Allstate by 5.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider's stock valued at $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% during 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 last quarter. Elevation Point Wealth Partners LLC increased its holdings in Allstate by 130.9% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider's stock worth $4,016,000 after buying an additional 10,936 shares during the period. CIBC Asset Management Inc increased its stake in shares of Allstate by 69.2% in the fourth quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider's stock worth $13,116,000 after acquiring an additional 25,764 shares during the period. Finally, Bank of America Corp DE grew its position in 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. Hedge funds and other institutional investors own 76.47% of the company's stock.

Allstate Stock Performance

NYSE ALL opened at $257.72 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The Allstate Corporation has a 12-month low of $188.08 and a 12-month high of $277.22. The business's 50 day moving average is $251.80 and its two-hundred day moving average is $225.88. The stock has a market capitalization of $65.17 billion, a price-to-earnings ratio of 5.15, a PEG ratio of 0.40 and a beta of 0.16.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating the consensus estimate of $6.06 by $2.93. The business had revenue of $18.60 billion for 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%. The company's quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the business earned $5.94 earnings per share. Research analysts expect that The Allstate Corporation will post 34.45 EPS for the current year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a $1.08 dividend. The ex-dividend date of this dividend 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 currently 8.63%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ALL. Cantor Fitzgerald upped their price objective on shares of Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. HSBC cut shares of Allstate from a "buy" rating to a "hold" rating and lifted their target price for the stock from $244.00 to $264.00 in a research note on Monday, July 6th. UBS Group upped their price target on Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Zacks Research upgraded shares of Allstate from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Finally, Weiss Ratings upgraded Allstate from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, August 6th. Four equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $265.26.

Insiders Place Their Bets

In other news, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $269.33, for a total value of $8,886,812.68. Following the completion of the transaction, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction on 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 completion of the sale, the chief operating officer owned 82,227 shares in the company, valued at $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 91,446 shares of company stock valued at $24,208,675 in the last ninety days. Corporate insiders own 1.55% of the company's stock.

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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