Tidal Investments LLC Raises Stock Holdings in The Allstate Corporation $ALL

Tidal Investments LLC raised its holdings in The Allstate Corporation (NYSE:ALL) by 7.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 75,684 shares of the insurance provider’s stock after purchasing an additional 5,051 shares during the period. Tidal Investments LLC’s holdings in Allstate were worth $18,008,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ALL. California State Teachers Retirement System lifted its position in shares of Allstate by 24,845.7% during the 2nd quarter. California State Teachers Retirement System now owns 97,055,726 shares of the insurance provider’s stock valued at $23,093,439,000 after buying an additional 96,666,658 shares in the last quarter. BlackRock Inc. purchased a new stake in Allstate in the 2nd quarter worth $5,439,448,000. State Street Corp raised its position in Allstate by 3.7% during the fourth quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock worth $2,571,600,000 after acquiring an additional 438,034 shares during the period. Bank of America Corp DE raised its position in Allstate by 8.1% during the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock worth $1,640,748,000 after acquiring an additional 596,321 shares during the period. Finally, GQG Partners LLC lifted its holdings in Allstate by 36.0% during the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock valued at $1,142,449,000 after purchasing an additional 1,452,993 shares in the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Price Performance

Allstate stock opened at $252.11 on Friday. The company has a fifty day simple moving average of $257.84 and a 200-day simple moving average of $230.23. The firm has a market capitalization of $63.75 billion, a price-to-earnings ratio of 5.03, a PEG ratio of 0.57 and a beta of 0.15. 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 Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $277.22.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate 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 net margin of 18.97% and a return on equity of 41.64%. The company’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. On average, equities analysts anticipate that The Allstate Corporation will post 35.5 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 paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate’s dividend payout ratio (DPR) is 8.63%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup lowered shares of Allstate from a “neutral” rating to a “sell” rating and lifted their target price for the company from $226.00 to $240.00 in a research report on Tuesday, August 11th. JPMorgan Chase & Co. raised their price target on shares of Allstate from $282.00 to $292.00 and gave the company an “overweight” rating in a research note on Tuesday, August 11th. Roth Capital set a $300.00 price objective on Allstate in a report on Thursday, August 6th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $250.00 price objective (down from $255.00) on shares of Allstate in a research note on Thursday, August 20th. Finally, Piper Sandler increased their target price on Allstate from $268.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Four analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $263.90.

Insider Buying and Selling

In other news, insider John Dugenske sold 32,996 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the transaction, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. The trade was a 71.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.55% of the company’s stock.

Allstate Company Profile

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate’s roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.