The Allstate Corporation $ALL Shares Acquired by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. increased its Allstate stake by 7,892.4% in the third quarter, acquiring 160,690 additional shares and ending with a 162,726-share position valued at approximately $36.1 million.
• Institutional investors and hedge funds own 76.47% of Allstate’s shares, with major additions or expanded positions from BlackRock, Bank of America, GQG Partners, Deutsche Bank, and Dimensional Fund Advisors.
• Analyst sentiment remains mixed, with Allstate carrying a consensus “Hold” rating and a $262.68 price target. The company recently exceeded quarterly earnings expectations, reporting $8.99 EPS versus a $6.06 estimate and revenue of $18.60 billion.

Congress Asset Management Co. boosted its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 7,892.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 162,726 shares of the insurance provider's stock after purchasing an additional 160,690 shares during the quarter. Congress Asset Management Co. owned about 0.06% of Allstate worth $36,102,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Allstate during the second quarter valued at about $5,439,448,000. Bank of America Corp DE boosted its holdings in Allstate by 8.1% in 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 acquiring an additional 596,321 shares in the last quarter. GQG Partners LLC acquired a new stake in Allstate in the second quarter valued at approximately $1,245,710,000. Deutsche Bank AG acquired a new stake in Allstate in the second quarter valued at approximately $1,008,648,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Allstate by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider's stock valued at $581,515,000 after acquiring an additional 154,259 shares in the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALL. Weiss Ratings cut Allstate from a "buy (a)" rating to a "buy (a-)" rating in a report on Tuesday, September 29th. Wells Fargo & Company lowered shares of Allstate from an "equal weight" rating to an "underweight" rating and boosted their price target for the company from $243.00 to $250.00 in a research note on Friday, August 7th. Argus set a $238.00 price objective on shares of Allstate in a report on Friday, August 28th. JPMorgan Chase & Co. raised 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. Finally, Barclays lifted their price objective on shares of Allstate from $213.00 to $226.00 and gave the company an "underweight" rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $262.68.

Insider Activity

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 value of $14,870,388.00. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Dugenske sold 32,996 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the completion of the sale, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by insiders.

Allstate Price Performance

Shares of NYSE:ALL opened at $224.24 on Wednesday. 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 cap of $56.70 billion, a PE ratio of 4.48, a price-to-earnings-growth ratio of 0.50 and a beta of 0.13. The stock's fifty day simple moving average is $251.97 and its two-hundred day simple moving average is $233.62. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $277.22.

Allstate (NYSE:ALL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (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 firm had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same quarter in the prior year, the business posted $5.94 EPS. The business's revenue was up 11.8% compared to the same quarter last year. As a group, analysts forecast that The Allstate Corporation will post 35.76 EPS for the current fiscal year.

About Allstate

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.