Meeder Asset Management Inc. Purchases New Holdings in The Allstate Corporation $ALL

Key Points

• Meeder Asset Management acquired 77,548 Allstate shares worth approximately $18.45 million, making Allstate its 21st-largest holding. Hedge funds and institutional investors collectively own 76.47% of the company.
• Analyst sentiment remains mixed: Allstate has a consensus “Hold” rating and an average price target of $265.53, despite several firms raising their targets and Raymond James maintaining a “strong-buy” rating.
• Allstate reported quarterly EPS of $8.99, well above the $6.06 consensus estimate, while revenue rose 11.8% year over year to $15.43 billion. The company also declared a quarterly dividend of $1.08 per share, though insiders sold nearly $24.5 million in stock over the past 90 days.

Meeder Asset Management Inc. acquired a new stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 77,548 shares of the insurance provider's stock, valued at approximately $18,452,000. Allstate comprises 0.9% of Meeder Asset Management Inc.'s portfolio, making the stock its 21st largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tiemann Investment Advisors LLC purchased a new position in shares of Allstate in the 2nd quarter valued at approximately $1,730,000. Citizens Financial Group Inc. RI purchased a new stake in shares of Allstate during the second quarter worth approximately $1,174,000. Texas Capital Bank Wealth Management Services Inc purchased a new stake in shares of Allstate during the second quarter worth approximately $331,000. UNIVEST FINANCIAL Corp acquired a new stake in shares of Allstate during the second quarter worth $418,000. Finally, Grandfield & Dodd LLC purchased a new position in Allstate in the 2nd quarter valued at $2,982,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on ALL. JPMorgan Chase & Co. boosted their price objective on shares of Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Barclays raised their target price on shares of Allstate from $213.00 to $226.00 and gave the stock an "underweight" rating in a research note on Thursday, August 6th. Piper Sandler lifted their target price on shares of Allstate from $268.00 to $300.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Morgan Stanley set a $265.00 price target on shares of Allstate in a research note on Tuesday, August 11th. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $315.00 price target on shares of Allstate in a report on Tuesday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $265.53.

Insider Activity at Allstate

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the company'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 transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrea Redmond sold 2,225 shares of the 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 completion of the transaction, the director directly owned 2,225 shares of the company's stock, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 92,996 shares of company stock worth $24,543,894 in the last ninety days. Corporate insiders own 1.55% of the company's stock.

Allstate Trading Down 1.4%

NYSE:ALL opened at $257.88 on Tuesday. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22. 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 fifty day moving average price of $247.38 and a two-hundred day moving average price of $223.47. The stock has a market capitalization of $65.21 billion, a price-to-earnings ratio of 5.15, a PEG ratio of 0.41 and a beta of 0.16.

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, topping the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The company had revenue of $15.43 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same period in the previous year, the firm earned $5.94 EPS. The business's revenue was up 11.8% on a year-over-year basis. As a group, sell-side analysts anticipate that The Allstate Corporation will post 33.92 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The business 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. The ex-dividend date is Monday, August 31st. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. Allstate's dividend payout ratio (DPR) 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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