Tidal Investments LLC Purchases 5,051 Shares of The Allstate Corporation $ALL

Key Points

• Tidal Investments increased its Allstate position by 7.2% in the second quarter, purchasing 5,051 shares and bringing its holdings to 75,684 shares valued at approximately $18.0 million. Institutional investors collectively own 76.47% of Allstate.
• Allstate reported a strong quarter, with EPS of $8.99 versus the $6.06 consensus estimate and revenue of $18.60 billion, up 11.8% year over year. Analysts maintain an average “Hold” rating with a $263.90 price target.
• The company declared a quarterly dividend of $1.08 per share, equivalent to $4.32 annually and a 1.7% yield. Meanwhile, two insiders sold substantial holdings, reducing their positions by 40.61% and 71.65%, respectively.

Tidal Investments LLC raised its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 7.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 75,684 shares of the insurance provider's stock after buying an additional 5,051 shares during the quarter. Tidal Investments LLC's holdings in Allstate were worth $18,008,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Strategic Global Advisors LLC acquired a new position in Allstate during the 2nd quarter valued at about $11,680,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Allstate during the second quarter worth about $6,861,000. Elevation Point Wealth Partners LLC increased its holdings in shares of Allstate by 130.9% during the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider's stock valued at $4,016,000 after acquiring an additional 10,936 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Allstate by 8.1% during the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider's stock valued at $1,640,748,000 after acquiring an additional 596,321 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Allstate by 69.2% in the 4th quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider's stock valued at $13,116,000 after purchasing an additional 25,764 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Allstate from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods reissued an "underperform" rating and set a $250.00 price objective (down from $255.00) on shares of Allstate in a report on Thursday, August 20th. Cantor Fitzgerald upped their target price on Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Atlantic Securities set a $319.00 target price on Allstate in a research note on Wednesday, July 15th. Finally, Weiss Ratings raised Allstate from a "buy (a-)" rating to a "buy (a)" rating in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $263.90.

Insider Buying and Selling

In other news, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction that occurred 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 sale, the chief operating officer owned 82,227 shares of the company's stock, valued at $21,747,396.96. This trade represents a 40.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred on 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 transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by company insiders.

Allstate Stock Performance

NYSE ALL opened at $252.11 on Friday. The stock has a 50-day simple moving average of $257.84 and a two-hundred day simple moving average of $230.23. The firm has a market capitalization of $63.75 billion, a P/E ratio of 5.03, a PEG ratio of 0.57 and a beta of 0.15. The Allstate Corporation has a fifty-two week low of $188.08 and a fifty-two week high of $277.22. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The firm had revenue of $18.60 billion for 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 company's revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.94 earnings per share. On average, equities analysts forecast that The Allstate Corporation will post 35.5 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio is currently 8.63%.

Allstate Company Profile

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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