The Allstate Corporation $ALL Stock Acquired by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Allstate stake by 17.5% in the third quarter, bringing its holdings to 29,633 shares valued at approximately $6.3 million. Institutional investors collectively own 76.47% of Allstate.
• Analyst sentiment remains mixed: Allstate has an average “Hold” rating and an average price target of $270.19, with recent target changes ranging from $221 to $319.
• Allstate reported strong quarterly results, posting $8.99 in earnings per share versus the $6.06 consensus estimate and revenue of $18.6 billion, up 11.8% year over year. The stock recently traded at $247.27, while two company insiders sold shares worth a combined roughly $23.8 million.

State of Alaska Department of Revenue grew its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 17.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 29,633 shares of the insurance provider's stock after buying an additional 4,410 shares during the period. State of Alaska Department of Revenue's holdings in Allstate were worth $6,333,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ALL. BlackRock Inc. purchased a new position in shares of Allstate during the second quarter worth about $5,439,448,000. Bank of America Corp DE purchased a new stake in Allstate during the 2nd quarter valued at approximately $1,410,362,000. GQG Partners LLC acquired a new stake in Allstate during the 2nd quarter worth approximately $1,245,710,000. Deutsche Bank AG acquired a new stake in Allstate during the 2nd quarter worth approximately $1,008,648,000. Finally, Legal & General Group Plc purchased a new position in shares of Allstate in the 2nd quarter valued at approximately $455,302,000. Institutional investors and hedge funds own 76.47% of the company's stock.

Analysts Set New Price Targets

ALL has been the topic of a number of recent research reports. Barclays dropped their target price on Allstate from $226.00 to $221.00 and set an "underweight" rating on the stock in a report on Wednesday, October 7th. Mizuho decreased their price target on Allstate from $300.00 to $295.00 and set an "outperform" rating for the company in a report on Wednesday, October 7th. Atlantic Securities set a $319.00 price objective on shares of Allstate in a research report on Wednesday, July 15th. Wall Street Zen upgraded shares of Allstate from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, HSBC upgraded shares of Allstate from a "hold" rating to a "buy" rating and set a $266.00 target price for the company in a research note on Wednesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and three have issued 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 target price of $270.19.

Insider Buying and Selling at Allstate

In other Allstate news, insider John Dugenske sold 32,996 shares of the firm's stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of the business's stock in a transaction 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 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company's stock.

Allstate Stock Performance

Shares of ALL stock traded up $7.67 during trading hours on Friday, reaching $247.27. 3,499,917 shares of the company's stock were exchanged, compared to its average volume of 2,525,334. The company has a market cap of $62.52 billion, a P/E ratio of 4.94, a price-to-earnings-growth ratio of 0.53 and a beta of 0.13. The company's 50 day moving average is $246.77 and its two-hundred day moving average is $235.04. 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 current ratio of 0.36 and a quick ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating analysts' consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%. The firm had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. During the same period in the previous year, the business earned $5.94 earnings per share. The company's revenue for the quarter was up 11.8% compared to the same quarter last year. Equities research analysts anticipate that The Allstate Corporation will post 36.09 EPS for the current fiscal year.

Allstate Company Profile

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.

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