QRG Capital Management Inc. Boosts Stock Position in The Allstate Corporation $ALL

Key Points

• QRG Capital Management increased its Allstate stake by 82.1% in the second quarter, bringing its holdings to 94,687 shares valued at approximately $22.4 million. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported quarterly EPS of $8.99, beating estimates of $6.06, while revenue rose 11.8% year over year to $18.6 billion. The company declared a quarterly dividend of $1.08 per share, representing a 1.9% yield.
• Allstate shares opened at $225.94, down 1.6%, while analysts maintained a consensus “Hold” rating with an average price target of $266.89.

QRG Capital Management Inc. increased its stake in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 82.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 94,687 shares of the insurance provider's stock after buying an additional 42,690 shares during the quarter. QRG Capital Management Inc.'s holdings in Allstate were worth $22,427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Allstate by 30.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 67,159 shares of the insurance provider's stock worth $15,627,000 after acquiring an additional 15,649 shares during the period. Andra AP fonden raised its stake in Allstate by 81.2% during the second quarter. Andra AP fonden now owns 56,898 shares of the insurance provider's stock worth $13,538,000 after purchasing an additional 25,499 shares during the period. Security National Bank of Sioux City Iowa IA acquired a new position in Allstate in the 2nd quarter valued at about $48,000. Bouchey Financial Group Ltd. boosted its holdings in Allstate by 8.5% in the 2nd quarter. Bouchey Financial Group Ltd. now owns 1,689 shares of the insurance provider's stock valued at $404,000 after purchasing an additional 132 shares during the last quarter. Finally, Blue Edge Capital LLC purchased a new stake in shares of Allstate in the 2nd quarter valued at approximately $204,000. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Stock Down 1.6%

Shares of NYSE:ALL opened at $225.94 on Thursday. The Allstate Corporation has a fifty-two week low of $188.08 and a fifty-two week high of $277.22. The firm's 50 day moving average price is $257.38 and its 200 day moving average price is $232.48. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. The stock has a market cap of $57.13 billion, a price-to-earnings ratio of 4.51, a price-to-earnings-growth ratio of 0.52 and a beta of 0.15.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. The company had revenue of $18.60 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.94 EPS. As a group, equities research analysts predict that The Allstate Corporation will post 35.45 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's dividend payout ratio is currently 8.63%.

Wall Street Analyst Weigh In

Several research firms have recently commented on ALL. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $280.00 price target on shares of Allstate in a research report on Friday, August 7th. Argus set a $238.00 price target on shares of Allstate in a research report on Friday, August 28th. HSBC cut shares of Allstate from a "buy" rating to a "hold" rating and increased their price objective for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Barclays upped their price target on Allstate from $213.00 to $226.00 and gave the stock an "underweight" rating in a research note on Thursday, August 6th. Finally, Mizuho increased their target price on Allstate from $297.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, Allstate presently has an average rating of "Hold" and an average price target of $266.89.

Insider Transactions at Allstate

In other news, COO Mario Rizzo sold 56,225 shares of the firm'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 sale, the chief operating officer owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Dugenske sold 32,996 shares of the business'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 sale, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.55% of the company's stock.

Allstate Company Profile

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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