EFG International AG Makes New $2.69 Million Investment in The Allstate Corporation $ALL

EFG International AG purchased a new position in shares of The Allstate Corporation (NYSE:ALL) in the 2nd quarter, Holdings Channel reports. The firm purchased 11,321 shares of the insurance provider’s stock, valued at approximately $2,693,000.

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

Allstate Trading Up 1.7%

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 debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market capitalization of $66.27 billion, a P/E ratio of 5.23, a price-to-earnings-growth ratio of 0.39 and a beta of 0.16. The company has a 50-day simple moving average of $252.60 and a 200 day simple moving average of $226.21.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share 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 business’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.94 earnings per share. Sell-side analysts forecast that The Allstate Corporation will post 34.45 earnings per share for the current year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be paid 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 is Monday, August 31st. Allstate’s payout ratio is currently 8.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. UBS Group raised their price objective on Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Wells Fargo & Company cut Allstate from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $243.00 to $250.00 in a research report on Friday, August 7th. Piper Sandler raised their price target on Allstate from $268.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $315.00 price target on shares of Allstate in a research report on Tuesday, August 11th. Finally, 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. Four analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, Allstate currently has a consensus rating of “Hold” and a consensus price target of $265.26.

Insider Buying and Selling

In related news, insider John E. Dugenske sold 32,996 shares of the stock in a transaction 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 in the company, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of the stock in a transaction 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 owned 82,227 shares in the company, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 91,446 shares of company stock valued at $24,208,675. 1.55% of the stock is owned by insiders.

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.