The Manufacturers Life Insurance Company Buys Shares of 178,755 The Allstate Corporation $ALL

Key Points

• The Manufacturers Life Insurance Company acquired 178,755 Allstate shares worth approximately $42.4 million, while institutional investors collectively own 76.47% of the insurer.
• Allstate reported quarterly EPS of $8.99, well above the $6.06 consensus estimate, on revenue of $18.60 billion; revenue increased 11.8% year over year.
• Analysts have an overall “Hold” rating with an average price target of $265.26. Allstate also declared a $1.08 quarterly dividend, equivalent to a 1.6% yield.

The Manufacturers Life Insurance Company purchased a new stake in The Allstate Corporation (NYSE:ALL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 178,755 shares of the insurance provider's stock, valued at approximately $42,409,000. The Manufacturers Life Insurance Company owned 0.07% of Allstate as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. bought a new position in Allstate during the second quarter worth about $5,439,448,000. GQG Partners LLC bought a new stake in shares of Allstate in the 2nd quarter valued at about $1,245,710,000. Deutsche Bank AG bought a new stake in shares of Allstate in the 2nd quarter valued at about $1,008,648,000. Norges Bank acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $531,294,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Allstate in the 2nd quarter valued at approximately $425,484,000. 76.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider John E. Dugenske sold 32,996 shares of Allstate 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. This trade represents a 71.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction that occurred on 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 in the company, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 91,446 shares of company stock worth $24,208,675. 1.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ALL. The Goldman Sachs Group reissued a "neutral" rating and set a $280.00 price target on shares of Allstate in a research report on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on shares of Allstate from $282.00 to $292.00 and gave the company an "overweight" rating in a research report on Tuesday, August 11th. Evercore set a $240.00 price objective on Allstate in a research note on Friday, July 10th. Citigroup lowered Allstate from a "neutral" rating to a "sell" rating and lifted their target price for the stock from $226.00 to $240.00 in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald boosted their target price on Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Four research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $265.26.

Allstate Stock Up 1.7%

Shares of ALL stock opened at $262.08 on Thursday. The Allstate Corporation has a 12-month low of $188.08 and a 12-month 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 firm has a fifty day moving average of $252.60 and a 200-day moving average of $226.21. The company has a market capitalization of $66.27 billion, a price-to-earnings ratio of 5.23, a P/E/G ratio of 0.39 and a beta of 0.16.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating the consensus estimate of $6.06 by $2.93. The business had revenue of $18.60 billion for the quarter, compared to analysts' expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm's revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.94 EPS. As a group, equities research analysts predict that The Allstate Corporation will post 34.45 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The company 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 1.6%. The ex-dividend date of this dividend is Monday, August 31st. Allstate's dividend payout ratio is currently 8.63%.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.

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