The Allstate Corporation $ALL Stock Bought by IFP Advisors Inc

Key Points

• IFP Advisors increased its Allstate stake by 192.3% in the third quarter, owning 14,198 shares valued at approximately $3.15 million. Institutional investors collectively hold 76.47% of Allstate’s outstanding stock.
• Analysts maintain a mixed outlook, with Allstate carrying a consensus “Hold” rating and an average price target of $270.19; recent target changes ranged from $262 to $295.
• Allstate reported quarterly EPS of $8.99, beating estimates of $6.06, while revenue rose 11.8% year over year to $18.60 billion. The stock opened at $249.94, up 1.3%.

IFP Advisors Inc boosted its holdings in The Allstate Corporation (NYSE:ALL - Free Report) by 192.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,198 shares of the insurance provider's stock after buying an additional 9,341 shares during the quarter. IFP Advisors Inc's holdings in Allstate were worth $3,150,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ALL. BlackRock Inc. purchased a new stake in Allstate during the 2nd quarter valued at $5,439,448,000. Bank of America Corp DE boosted its holdings in shares of 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 buying an additional 596,321 shares during the last quarter. GQG Partners LLC bought a new stake in Allstate during the second quarter valued at approximately $1,245,710,000. Deutsche Bank AG bought a new stake in Allstate during the second quarter valued at approximately $1,008,648,000. Finally, Dimensional Fund Advisors LP grew its position in 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 buying an additional 154,259 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on ALL. Evercore upped their target price on shares of Allstate from $240.00 to $262.00 in a report on Thursday, October 8th. Jefferies Financial Group dropped their price target on shares of Allstate from $310.00 to $292.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. Mizuho dropped their price target on shares of Allstate from $300.00 to $295.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 7th. Roth Capital set a $300.00 price objective on shares of Allstate in a research report on Thursday, August 6th. Finally, UBS Group boosted their price objective on shares of Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. 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 given a Sell rating to the stock. Based on data from MarketBeat, Allstate presently has a consensus rating of "Hold" and an average target price of $270.19.

Insider Buying and Selling

In other Allstate news, insider John E. Dugenske sold 32,996 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of the company'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 transaction, the chief operating officer owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.55% of the stock is currently owned by company insiders.

Allstate Stock Up 1.3%

NYSE ALL opened at $249.94 on Wednesday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. 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 company has a market capitalization of $63.20 billion, a P/E ratio of 4.99, a price-to-earnings-growth ratio of 0.55 and a beta of 0.13. The stock's 50-day moving average price is $246.08 and its 200-day moving average price is $235.84.

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 (EPS) for the quarter, beating 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%. The firm's revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $5.94 EPS. On average, equities research analysts predict that The Allstate Corporation will post 36.20 earnings per share for the current year.

Allstate Profile

Allstate Corp. NYSE: ALL is an insurance company that provides protection products and related services primarily in the United States. Its offerings include automobile, homeowners, renters, condominium, motorcycle and other personal property and casualty insurance, distributed through agents, brokers, direct channels and digital platforms.

The company also provides roadside assistance, identity-protection services and protection plans for consumer products. Through its acquisition of National General, Allstate expanded its presence in independent-agent distribution and specialty personal insurance.

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