Cambria Investment Management L.P. increased its stake in shares of The Allstate Co. (NYSE:ALL) by 16.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,826 shares of the insurance provider’s stock after purchasing an additional 3,164 shares during the quarter. Cambria Investment Management L.P.’s holdings in The Allstate were worth $2,977,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stephens Inc. AR raised its holdings in The Allstate by 31.2% in the second quarter. Stephens Inc. AR now owns 70,774 shares of the insurance provider’s stock worth $9,232,000 after purchasing an additional 16,817 shares during the period. Providence Wealth Advisors LLC grew its position in The Allstate by 0.5% in the second quarter. Providence Wealth Advisors LLC now owns 16,545 shares of the insurance provider’s stock valued at $2,193,000 after purchasing an additional 84 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of The Allstate by 39.5% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 52,854 shares of the insurance provider’s stock valued at $6,894,000 after acquiring an additional 14,974 shares during the period. Scotia Capital Inc. grew its position in shares of The Allstate by 4.1% in the 2nd quarter. Scotia Capital Inc. now owns 4,611 shares of the insurance provider’s stock valued at $601,000 after acquiring an additional 183 shares during the period. Finally, SeaCrest Wealth Management LLC lifted its stake in shares of The Allstate by 5.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,083 shares of the insurance provider’s stock worth $272,000 after buying an additional 104 shares during the last quarter. 75.00% of the stock is currently owned by institutional investors and hedge funds.
ALL has been the subject of several analyst reports. Wolfe Research started coverage on shares of The Allstate in a research report on Monday, August 16th. They issued a “peer perform” rating and a $130.00 target price for the company. Morgan Stanley upped their price objective on shares of The Allstate from $140.00 to $144.00 and gave the company an “equal weight” rating in a research note on Monday, August 16th. Barclays boosted their target price on shares of The Allstate from $144.00 to $147.00 and gave the company an “overweight” rating in a research report on Friday, August 6th. Piper Sandler upped their price objective on shares of The Allstate from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, June 3rd. They noted that the move was a valuation call. Finally, Wells Fargo & Company upped their target price on shares of The Allstate from $125.00 to $135.00 and gave the stock an “equal weight” rating in a research note on Friday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $140.62.
The Allstate (NYSE:ALL) last announced its earnings results on Tuesday, August 3rd. The insurance provider reported $3.79 earnings per share for the quarter, beating analysts’ consensus estimates of $3.17 by $0.62. The business had revenue of $10.44 billion for the quarter, compared to the consensus estimate of $10.57 billion. The Allstate had a net margin of 8.27% and a return on equity of 22.27%. The Allstate’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the firm posted $2.46 earnings per share. As a group, equities research analysts predict that The Allstate Co. will post 16.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Tuesday, August 31st will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date is Monday, August 30th. The Allstate’s dividend payout ratio is currently 22.00%.
The Allstate declared that its board has approved a stock repurchase program on Wednesday, August 4th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 13% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
About The Allstate
The Allstate Corp. engages in the property and casualty insurance business and the sale of life, accident, and health insurance products through its subsidiaries. It operates through following business segments: Allstate Protection, Protection Services, Allstate Life, Allstate Benefits, Allstate Annuities, Discontinued Lines and Coverages, and Corporate and Other.
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