Empowered Funds LLC Takes $12.04 Million Position in The Allstate Corporation $ALL

Empowered Funds LLC acquired a new position in The Allstate Corporation (NYSE:ALL) during the second quarter, HoldingsChannel.com reports. The fund acquired 50,587 shares of the insurance provider’s stock, valued at approximately $12,037,000.

Several other large investors have also added to or reduced their stakes in ALL. United Capital Financial Advisors LLC bought a new position in Allstate in the second quarter valued at $2,578,000. Dearborn Partners LLC acquired a new stake in Allstate in the 2nd quarter valued at $444,000. Bank OZK bought a new stake in Allstate during the 2nd quarter worth about $1,455,000. Caitlin John LLC bought a new position in shares of Allstate in the 2nd quarter valued at about $377,000. Finally, Equitable Holdings Inc. bought a new position in shares of Allstate in the 2nd quarter valued at about $2,187,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

Insider Transactions at Allstate

In related news, insider John E. Dugenske sold 32,996 shares of the company’s stock in a transaction dated 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 sale, the insider owned 13,054 shares in the company, valued at $3,515,833.82. This represents a 71.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the sale, the director owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 91,446 shares of company stock valued at $24,208,675 in the last 90 days. 1.55% of the stock is currently owned by corporate insiders.

Allstate Price Performance

ALL stock opened at $261.17 on Friday. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22. The company has a 50 day simple moving average of $254.14 and a 200 day simple moving average of $226.81. 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 stock has a market cap of $66.04 billion, a price-to-earnings ratio of 5.22, a P/E/G ratio of 0.40 and a beta of 0.16.

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

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate’s payout ratio is presently 8.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Citigroup cut Allstate from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $226.00 to $240.00 in a research note on Tuesday, August 11th. Cantor Fitzgerald increased their price target on shares of Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Mizuho lifted their price objective on shares of Allstate from $255.00 to $272.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Piper Sandler boosted their price objective on shares of Allstate from $268.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Finally, Wells Fargo & Company cut shares of Allstate from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $243.00 to $250.00 in a report on Friday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $263.90.

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.