Parallax Volatility Advisers L.P. Acquires New Position in The Allstate Corporation $ALL

Parallax Volatility Advisers L.P. bought a new position in The Allstate Corporation (NYSE:ALL) during the second quarter, Holdings Channel reports. The institutional investor bought 6,844 shares of the insurance provider’s stock, valued at approximately $1,628,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ALL. MV Capital Management Inc. acquired a new position in Allstate during the 4th quarter valued at approximately $25,000. Gables Capital Management Inc. acquired a new stake in Allstate in the second quarter worth $26,000. Navalign LLC bought a new stake in Allstate in the fourth quarter valued at $27,000. Kelleher Financial Advisors bought a new stake in Allstate in the second quarter valued at $28,000. Finally, Evolution Wealth Management Inc. grew its position in shares of Allstate by 7,000.0% during the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 140 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Cantor Fitzgerald increased their price target on Allstate from $236.00 to $242.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Morgan Stanley set a $265.00 price objective on shares of Allstate in a report on Tuesday, August 11th. Wells Fargo & Company lowered shares of Allstate from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $243.00 to $250.00 in a research report on Friday, August 7th. UBS Group raised their target price on shares of Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Finally, Zacks Research raised shares of Allstate from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Four research 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 company’s stock. Based on data from MarketBeat, Allstate currently has an average rating of “Hold” and an average target price of $265.26.

Insider Activity

In related news, 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 in the company, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, the director owned 2,225 shares in the company, valued at approximately $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 91,446 shares of company stock worth $24,208,675 over the last 90 days. 1.55% of the stock is owned by company insiders.

Allstate Price Performance

NYSE ALL opened at $262.08 on Thursday. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22. The business’s fifty day moving average is $252.60 and its two-hundred day moving average is $226.21. The stock has a market capitalization of $66.27 billion, a P/E ratio of 5.23, a P/E/G ratio of 0.39 and a beta of 0.16. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36.

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, topping analysts’ consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The company had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same period in the previous year, the firm earned $5.94 earnings per share. Allstate’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, research analysts forecast that The Allstate Corporation will post 34.45 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be issued 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 dividend yield of 1.6%. Allstate’s payout ratio is currently 8.63%.

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.