23,815 Shares in The Allstate Corporation $ALL Purchased by Cibc World Market Inc.

Cibc World Market Inc. bought a new stake in shares of The Allstate Corporation (NYSE:ALL) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 23,815 shares of the insurance provider’s stock, valued at approximately $5,667,000.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Allstate by 60.2% in the fourth quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider’s stock worth $1,253,000 after buying an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in Allstate during the fourth quarter valued at $231,000. WINTON GROUP Ltd bought a new stake in Allstate in the 2nd quarter valued at $210,000. Treasurer of the State of North Carolina increased its holdings in Allstate by 2.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider’s stock valued at $24,816,000 after acquiring an additional 3,051 shares during the last quarter. Finally, Ieq Capital LLC lifted its stake in Allstate by 20.1% in the 2nd quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider’s stock worth $7,713,000 after purchasing an additional 6,412 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Stock Performance

Shares of NYSE:ALL opened at $257.72 on Wednesday. The firm has a fifty day simple moving average of $251.80 and a two-hundred day simple moving average of $225.88. The Allstate Corporation has a 52 week low of $188.08 and a 52 week high of $277.22. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $65.17 billion, a P/E ratio of 5.15, a PEG ratio of 0.40 and a beta of 0.16.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm had revenue of $18.60 billion for the quarter, compared to analysts’ expectations of $15.46 billion. During the same period in the prior year, the company earned $5.94 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. On average, analysts expect that The Allstate Corporation will post 34.45 earnings per share for the current fiscal 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 dividend of $1.08 per share. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. Allstate’s dividend payout ratio is 8.63%.

Insider Buying and Selling at Allstate

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 stock was 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred 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 completion of the transaction, the insider 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 91,446 shares of company stock worth $24,208,675 over the last ninety days. Company insiders own 1.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ALL. Roth Capital set a $300.00 price objective on Allstate in a research report on Thursday, August 6th. Piper Sandler boosted their target price on Allstate from $268.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $250.00 price target (down from $255.00) on shares of Allstate in a research note on Thursday, August 20th. Cantor Fitzgerald raised their price target on Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. 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 report on Tuesday, August 11th. Four analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price 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.