Strategic Global Advisors LLC Makes New $11.68 Million Investment in The Allstate Corporation $ALL

Strategic Global Advisors LLC acquired a new stake in The Allstate Corporation (NYSE:ALL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 49,088 shares of the insurance provider’s stock, valued at approximately $11,680,000. Allstate accounts for 1.7% of Strategic Global Advisors LLC’s investment portfolio, making the stock its 16th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Allstate during the second quarter worth about $5,439,448,000. GQG Partners LLC purchased a new position in shares of Allstate during the second quarter worth about $1,245,710,000. Deutsche Bank AG acquired a new position in Allstate in the 2nd quarter valued at about $1,008,648,000. Norges Bank acquired a new position in Allstate in the 4th quarter valued at about $531,294,000. Finally, Legal & General Group Plc purchased a new stake in Allstate during the 2nd quarter valued at approximately $455,302,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Price Performance

Shares of NYSE:ALL opened at $262.08 on Thursday. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. The company has a 50-day moving average price of $252.60 and a 200 day moving average price of $226.21. The company has a market cap of $66.27 billion, a P/E ratio of 5.23, a PEG ratio of 0.39 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.06 by $2.93. The company had revenue of $18.60 billion for the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.94 EPS. Research analysts predict that The Allstate Corporation will post 34.45 earnings per share for the current year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a $1.08 dividend. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.6%. Allstate’s payout ratio is 8.63%.

Insider Buying and Selling

In related news, Director Andrea Redmond sold 2,225 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, the director owned 2,225 shares of the company’s stock, valued at $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Mario Rizzo sold 56,225 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value 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 $21,747,396.96. The trade was a 40.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 91,446 shares of company stock valued at $24,208,675 over the last quarter. Company insiders own 1.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALL. HSBC cut Allstate from a “buy” rating to a “hold” rating and increased their price objective for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Wells Fargo & Company cut Allstate from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $243.00 to $250.00 in a research note on Friday, August 7th. Citigroup cut Allstate from a “neutral” rating to a “sell” rating and upped their price target for the stock from $226.00 to $240.00 in a research note on Tuesday, August 11th. Cantor Fitzgerald increased their price target on Allstate from $236.00 to $242.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, UBS Group lifted 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. Four analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $265.26.

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.