Mackenzie Financial Corp Has $97.76 Million Stock Position in The Allstate Corporation $ALL

Key Points

• Mackenzie Financial Corp reduced its Allstate stake by 10.3%, selling 52,171 shares and now holds 455,457 shares valued at about $97.76 million.
• Allstate reported a strong quarter with EPS of $14.31 versus estimates of $8.72 and 5.1% revenue growth, and the board raised the quarterly dividend to $1.08 (annualized $4.32, ~2.1% yield).
• Institutional investors own roughly 76.47% of Allstate, led by Vanguard (about 33.2 million shares, ~$6.69 billion), and analysts’ consensus is a "Moderate Buy" with an average target around $238.88.

Mackenzie Financial Corp cut its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 10.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 455,457 shares of the insurance provider's stock after selling 52,171 shares during the period. Mackenzie Financial Corp owned 0.17% of Allstate worth $97,764,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ALL. Vanguard Group Inc. raised its stake in shares of Allstate by 1.3% during the second quarter. Vanguard Group Inc. now owns 33,235,231 shares of the insurance provider's stock worth $6,690,584,000 after buying an additional 435,145 shares during the last quarter. Geode Capital Management LLC boosted its stake in Allstate by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,714,629 shares of the insurance provider's stock valued at $1,345,961,000 after acquiring an additional 79,366 shares during the last quarter. Franklin Resources Inc. grew its holdings in Allstate by 2.5% during the 2nd quarter. Franklin Resources Inc. now owns 4,670,113 shares of the insurance provider's stock worth $940,140,000 after acquiring an additional 112,858 shares during the period. Raymond James Financial Inc. grew its holdings in Allstate by 3.3% during the 2nd quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider's stock worth $562,388,000 after acquiring an additional 88,620 shares during the period. Finally, Boston Partners raised its position in shares of Allstate by 7.0% during the 2nd quarter. Boston Partners now owns 2,655,585 shares of the insurance provider's stock valued at $535,078,000 after acquiring an additional 172,931 shares during the last quarter. Institutional investors own 76.47% of the company's stock.

Allstate Trading Down 1.0%

Shares of NYSE:ALL opened at $205.46 on Thursday. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.26. The firm has a market cap of $53.33 billion, a price-to-earnings ratio of 5.38, a PEG ratio of 0.43 and a beta of 0.23. The company's fifty day simple moving average is $204.54 and its 200 day simple moving average is $204.66. The Allstate Corporation has a 12 month low of $176.00 and a 12 month high of $216.75.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The insurance provider reported $14.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.72 by $5.59. Allstate had a return on equity of 39.20% and a net margin of 15.19%.The business had revenue of $17.35 billion during the quarter, compared to the consensus estimate of $17.23 billion. During the same period last year, the company earned $7.67 earnings per share. Allstate's quarterly revenue was up 5.1% on a year-over-year basis. As a group, research analysts forecast that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $4.32 annualized dividend and a dividend yield of 2.1%. This is an increase from Allstate's previous quarterly dividend of $1.00. Allstate's dividend payout ratio (DPR) is 11.31%.

Wall Street Analysts Forecast Growth

ALL has been the topic of a number of analyst reports. William Blair downgraded Allstate from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 18th. Morgan Stanley reiterated an "equal weight" rating and issued a $215.00 price objective (down from $245.00) on shares of Allstate in a report on Tuesday, December 16th. TD Cowen lowered Allstate from a "buy" rating to a "hold" rating in a research note on Monday, January 12th. JPMorgan Chase & Co. raised their target price on Allstate from $260.00 to $263.00 and gave the stock an "overweight" rating in a report on Thursday, February 5th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $231.00 price target on shares of Allstate in a research note on Thursday, March 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Allstate has an average rating of "Moderate Buy" and an average target price of $238.88.

Insider Activity

In other news, insider Suren Gupta sold 19,593 shares of the business's stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $210.00, for a total value of $4,114,530.00. Following the sale, the insider owned 100,646 shares of the company's stock, valued at $21,135,660. The trade was a 16.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by company 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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