Hennessy Advisors Inc. Sells 36,812 Shares of The Allstate Corporation $ALL

Hennessy Advisors Inc. lessened its position in shares of The Allstate Corporation (NYSE:ALL) by 73.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,300 shares of the insurance provider’s stock after selling 36,812 shares during the period. Hennessy Advisors Inc.’s holdings in Allstate were worth $3,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Strategic Global Advisors LLC bought a new position in shares of Allstate in the 2nd quarter valued at $11,680,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Allstate by 5.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock worth $112,533,000 after buying an additional 26,586 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of Allstate during the 2nd quarter worth $6,861,000. Elevation Point Wealth Partners LLC boosted its stake in Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider’s stock valued at $4,016,000 after buying an additional 10,936 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Allstate by 8.1% in the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock valued at $1,640,748,000 after acquiring an additional 596,321 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Allstate Stock Performance

Allstate stock opened at $261.17 on Monday. The business has a 50 day moving average of $254.14 and a 200-day moving average of $227.00. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $277.22. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $66.04 billion, a P/E ratio of 5.22, a P/E/G ratio of 0.40 and a beta of 0.16.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping 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 business had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. During the same period last year, the company earned $5.94 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, equities research analysts predict that The Allstate Corporation will post 34.45 earnings per share for the current year.

Allstate Announces Dividend

The firm 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. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate’s payout ratio is 8.63%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Argus set a $238.00 target price on Allstate in a research note on Friday. Barclays lifted their price target on shares of Allstate from $213.00 to $226.00 and gave the company an “underweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group reiterated a “neutral” rating and set a $280.00 price objective on shares of Allstate in a research report on Friday, August 7th. Evercore set a $240.00 price objective on shares of Allstate in a research note on Friday, July 10th. Finally, Piper Sandler raised their target price on shares of Allstate from $268.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Four analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $263.90.

Insider Buying and Selling at Allstate

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 completion of the sale, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The transaction 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 firm’s stock in a transaction 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 transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company’s stock.

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.