Sequoia Financial Advisors LLC Increases Stock Holdings in The Allstate Corporation $ALL

Key Points

• Sequoia Financial Advisors increased its Allstate stake by 56.8% in the second quarter, bringing its holdings to 27,857 shares worth approximately $6.6 million. Institutional investors collectively own 76.47% of the insurer’s stock.
• Analyst sentiment is mixed: Allstate has a consensus rating of “Hold” and an average price target of $263.90, with targets ranging from $242 to $300.
• Allstate reported strong quarterly results, posting $8.99 in EPS versus the $6.06 estimate and revenue of $18.6 billion. The company also declared a quarterly dividend of $1.08 per share, representing a 1.7% annualized yield.

Sequoia Financial Advisors LLC lifted its holdings in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 56.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 27,857 shares of the insurance provider's stock after acquiring an additional 10,087 shares during the period. Sequoia Financial Advisors LLC's holdings in Allstate were worth $6,628,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. California State Teachers Retirement System increased its holdings 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 valued at $23,093,439,000 after purchasing an additional 96,666,658 shares during the period. BlackRock Inc. acquired a new stake in shares of Allstate during the 2nd quarter worth approximately $5,439,448,000. Bank of America Corp DE purchased a new position in Allstate in the second quarter valued at $1,410,362,000. GQG Partners LLC purchased a new position in shares of Allstate in the 2nd quarter valued at about $1,245,710,000. Finally, Deutsche Bank AG purchased a new stake in shares of Allstate in the second quarter valued at approximately $1,008,648,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods restated an "underperform" rating and set a $250.00 price target (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Mizuho lifted their price target on Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Cantor Fitzgerald upped their price objective on Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. HSBC lowered shares of Allstate from a "buy" rating to a "hold" rating and increased their target price for the stock from $244.00 to $264.00 in a research note on Monday, July 6th. Finally, Piper Sandler raised their price target on Allstate from $268.00 to $300.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Four analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Allstate currently has a consensus rating of "Hold" and a consensus price target of $263.90.

Insider Buying and Selling

In other news, insider John Dugenske sold 32,996 shares of Allstate stock in a transaction on Friday, August 7th. The shares were 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 of the company's stock, valued at $3,515,833.82. The trade was a 71.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction on 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 completion of the transaction, the chief operating officer 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company's stock.

Allstate Trading Up 0.8%

Shares of NYSE:ALL opened at $253.77 on Friday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. 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 company has a market cap of $64.17 billion, a PE ratio of 5.07, a P/E/G ratio of 0.57 and a beta of 0.15. The company's 50 day moving average is $257.92 and its two-hundred day moving average is $230.39.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The company had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate's revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the business earned $5.94 EPS. Equities analysts predict that The Allstate Corporation will post 35.5 earnings per share 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 is Monday, August 31st. Allstate's dividend payout ratio (DPR) is currently 8.63%.

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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