NewEdge Advisors LLC Purchases 11,079 Shares of The Allstate Corporation $ALL

Key Points

• NewEdge Advisors increased its Allstate position by 28.6% in the second quarter, purchasing 11,079 additional shares and bringing its holdings to 49,772 shares valued at approximately $11.8 million. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported quarterly earnings of $8.99 per share, beating estimates of $6.06, while revenue reached $18.60 billion, up 11.8% year over year and above analyst expectations.
• The company declared a quarterly dividend of $1.08 per share, or $4.32 annually, representing a 1.7% yield. Analyst sentiment was mixed, with an overall “Hold” rating and an average price target of $263.90.

NewEdge Advisors LLC grew its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 28.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,772 shares of the insurance provider's stock after purchasing an additional 11,079 shares during the quarter. NewEdge Advisors LLC's holdings in Allstate were worth $11,843,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALL. California State Teachers Retirement System grew its stake in shares of Allstate by 24,845.7% in the second quarter. California State Teachers Retirement System now owns 97,055,726 shares of the insurance provider's stock worth $23,093,439,000 after purchasing an additional 96,666,658 shares during the last quarter. BlackRock Inc. bought a new position in Allstate during the 2nd quarter worth $5,439,448,000. State Street Corp raised 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 purchasing an additional 438,034 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 buying an additional 596,321 shares during the period. Finally, GQG Partners LLC lifted its holdings in Allstate by 36.0% during the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider's stock worth $1,142,449,000 after buying an additional 1,452,993 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Allstate Trading Up 0.8%

NYSE:ALL opened at $253.77 on Friday. 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 stock has a market capitalization of $64.17 billion, a price-to-earnings ratio of 5.07, a PEG ratio of 0.57 and a beta of 0.15. The firm has a fifty day simple moving average of $257.92 and a two-hundred day simple moving average of $230.39. The Allstate Corporation has a 12 month low of $188.08 and a 12 month high of $277.22.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating the consensus estimate of $6.06 by $2.93. The firm 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 business's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.94 earnings per share. Analysts expect that The Allstate Corporation will post 35.5 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's dividend payout ratio is 8.63%.

Insider Activity at Allstate

In other news, COO Mario Rizzo sold 56,225 shares of the business's stock in a transaction that occurred on 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John E. Dugenske sold 32,996 shares of the company's 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 transaction, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. The trade was a 71.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ALL. Cantor Fitzgerald raised their price objective on Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Piper Sandler upped their target price on Allstate from $268.00 to $300.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Zacks Research raised shares of Allstate from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Citigroup lowered shares of Allstate from a "neutral" rating to a "sell" rating and raised their price target for the stock from $226.00 to $240.00 in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Allstate from $282.00 to $292.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Four research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Allstate currently has an average rating of "Hold" and an average price target of $263.90.

About Allstate

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate's roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.

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