VIRGINIA RETIREMENT SYSTEMS ET Al Invests $57.96 Million in The Allstate Corporation $ALL

Key Points

• Virginia Retirement Systems acquired 243,600 Allstate shares worth approximately $57.96 million, while institutional investors collectively owned 76.47% of the company at the latest reporting date.
• Allstate reported stronger-than-expected quarterly results, with EPS of $8.99 versus the $6.06 consensus estimate and revenue of $18.60 billion, up 11.8% year over year.
• The company declared a quarterly dividend of $1.08, equivalent to $4.32 annually and a 1.7% yield; analysts maintained a mixed outlook, resulting in a consensus “Hold” rating and average price target of $263.90.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 243,600 shares of the insurance provider's stock, valued at approximately $57,962,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.10% of Allstate at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALL. California State Teachers Retirement System grew its position in shares of Allstate by 24,845.7% in the 2nd quarter. California State Teachers Retirement System now owns 97,055,726 shares of the insurance provider's stock worth $23,093,439,000 after buying an additional 96,666,658 shares during the last quarter. BlackRock Inc. purchased a new stake in Allstate during the second quarter valued at approximately $5,439,448,000. Bank of America Corp DE acquired a new stake in Allstate in the second quarter valued at approximately $1,410,362,000. GQG Partners LLC purchased a new position in Allstate in the second quarter worth $1,245,710,000. Finally, Deutsche Bank AG purchased a new position in Allstate in the second quarter worth $1,008,648,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

Insider Activity

In related news, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction dated 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 sale, the chief operating officer owned 82,227 shares of the company's stock, valued at $21,747,396.96. The trade was a 40.61% 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, insider John 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 sale, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.55% of the company's stock.

Allstate Price Performance

Shares of ALL opened at $259.43 on Monday. The firm has a market capitalization of $65.60 billion, a PE ratio of 5.18, a price-to-earnings-growth ratio of 0.58 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The Allstate Corporation has a 1-year low of $188.08 and a 1-year high of $277.22. The company's fifty day moving average price is $256.91 and its 200-day moving average price is $228.91.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping 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 company had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same quarter last year, the business posted $5.94 EPS. The firm's quarterly revenue was up 11.8% on a year-over-year basis. On average, equities research analysts predict that The Allstate Corporation will post 35.5 EPS for the current 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 paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate's dividend payout ratio (DPR) is presently 8.63%.

Analyst Upgrades and Downgrades

ALL has been the subject of several analyst reports. Zacks Research upgraded Allstate from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $250.00 target price (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Barclays increased their price target on Allstate from $213.00 to $226.00 and gave the company an "underweight" rating in a research note on Thursday, August 6th. Raymond James Financial reissued a "strong-buy" rating and issued a $315.00 price target on shares of Allstate in a report on Tuesday, August 11th. Finally, Mizuho boosted their price target on Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Allstate currently has a consensus rating of "Hold" and an average target price of $263.90.

Allstate News Roundup

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Allstate is included among insurers using artificial intelligence, data and technology to improve operating efficiency, underwriting and growth, which could support long-term margins and competitiveness. 3 Insurers to Add to Portfolio as AI Transforms Insurance Operations
• Positive Sentiment: A review of Allstate’s financial strength and earnings outlook suggests the company may merit renewed investor consideration, reinforcing the case for its profitability and balance-sheet position. Affirmed Financial Strength And Earnings Outlook Might Change The Case For Investing In Allstate
• Positive Sentiment: Allstate is highlighted as a value-oriented property-and-casualty insurer with premium growth, underwriting discipline and investment-portfolio gains. 3 P&C Insurers to Add for Better Returns in Sluggish September
• Positive Sentiment: Allstate is listed among low-beta, dividend-paying stocks that could offer defensive characteristics during September volatility, with improving earnings estimates cited as a supporting factor. Buy 5 Stocks to Stay Safe in Wall Street's Historically Worst Month
• Neutral Sentiment: Comparisons with Tokio Marine focus on relative valuation and value-investing characteristics rather than a new company-specific catalyst. ALL or TKOMY: Which Is the Better Value Stock Right Now?
• Neutral Sentiment: An Allstate driving-safety report ranking for Wichita provides local auto-insurance context but does not materially change the company’s financial outlook. How bad or good are Wichita drivers? See how the city ranks in Allstate report
• Negative Sentiment: Allstate shares have declined since the latest earnings report, prompting questions about whether the stock can rebound despite the company’s stronger-than-expected results. Allstate Down 4.4% Since Last Earnings Report: Can It Rebound?
• Negative Sentiment: A report that Tyler Perry paid an 81-year-old woman’s $18,000 repair bill after Allstate denied her claim could create reputational risk and renewed scrutiny of claims-handling practices, although it appears to be an isolated customer dispute. Tyler Perry pays 81-year-old woman's $18K repair bill after Allstate denies claim

About Allstate

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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