Manning & Napier Advisors LLC Invests $7.36 Million in The Allstate Corporation $ALL

Key Points

• Manning & Napier Advisors purchased 30,470 Allstate shares worth approximately $7.36 million in the second quarter. Institutional investors and hedge funds collectively own 76.47% of the insurer.
• Analysts have a consensus “Hold” rating on Allstate, with an average price target of $265.26; ratings range from “Strong Buy” to “Sell.”
• Allstate reported quarterly EPS of $8.99, well above the $6.06 estimate, while revenue rose 11.8% year over year to $18.60 billion. The company also declared a quarterly dividend of $1.08 per share, representing a 1.7% annualized yield.

Manning & Napier Advisors LLC bought a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 30,470 shares of the insurance provider's stock, valued at approximately $7,355,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Allstate in the second quarter valued at $5,439,448,000. State Street Corp boosted its position in Allstate by 3.7% during the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider's stock worth $2,571,600,000 after acquiring an additional 438,034 shares during the period. Bank of America Corp DE boosted its holdings in shares of Allstate by 8.1% during the first 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. GQG Partners LLC grew its holdings in shares of Allstate by 36.0% during the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock valued at $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in Allstate by 29.2% in the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider's stock valued at $1,042,321,000 after purchasing an additional 1,131,172 shares in the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on ALL. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $280.00 price objective on shares of Allstate in a research report on Friday, August 7th. Wells Fargo & Company lowered shares of Allstate from an "equal weight" rating to an "underweight" rating and boosted their target price for the stock from $243.00 to $250.00 in a research report on Friday, August 7th. HSBC downgraded Allstate from a "buy" rating to a "hold" rating and raised their price target for the company from $244.00 to $264.00 in a research report on Monday, July 6th. Mizuho increased their target price on Allstate from $255.00 to $272.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods reaffirmed an "underperform" rating and issued a $250.00 price target (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Four research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $265.26.

Allstate Price Performance

Shares of NYSE:ALL opened at $260.35 on Tuesday. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $277.22. The firm has a market capitalization of $65.83 billion, a PE ratio of 5.20, a PEG ratio of 0.39 and a beta of 0.16. The business's 50 day moving average is $251.11 and its 200-day moving average is $225.53. 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 issued its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS 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 analyst estimates of $15.46 billion. During the same period in the prior year, the company posted $5.94 earnings per share. Allstate's revenue was up 11.8% on a year-over-year basis. Sell-side analysts predict that The Allstate Corporation will post 34.45 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date 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 (DPR) is currently 8.63%.

Insider Activity

In other Allstate news, Director Andrea Redmond sold 2,225 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mario Rizzo sold 56,225 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the sale, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $21,747,396.96. The trade was a 40.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 91,446 shares of company stock worth $24,208,675. Company insiders own 1.55% of the company's stock.

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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