Cullen Capital Management LLC Invests $4.03 Million in The Allstate Corporation $ALL

Cullen Capital Management LLC acquired a new stake in The Allstate Corporation (NYSE:ALL) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 16,951 shares of the insurance provider’s stock, valued at approximately $4,033,000.

A number of other large investors have also bought and sold shares of the business. BlackRock Inc. bought a new position in Allstate in the second quarter valued at approximately $5,439,448,000. State Street Corp increased its position in shares of 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 in the last quarter. Bank of America Corp DE raised its holdings in shares of 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. GQG Partners LLC raised its holdings in shares of Allstate by 36.0% during the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares during the period. Finally, Franklin Resources Inc. lifted its position in Allstate by 29.2% in the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares in the last quarter. 76.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Citigroup cut Allstate from a “neutral” rating to a “sell” rating and increased their target price for the stock from $226.00 to $240.00 in a report on Tuesday, August 11th. Raymond James Financial restated a “strong-buy” rating and issued a $315.00 price target on shares of Allstate in a report on Tuesday, August 11th. JPMorgan Chase & Co. increased their price objective on Allstate from $282.00 to $292.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $280.00 target price on shares of Allstate in a research note on Friday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, Allstate has an average rating of “Hold” and an average price target of $265.26.

Allstate Trading Up 2.6%

Shares of NYSE:ALL opened at $260.35 on Tuesday. The company’s 50-day moving average price is $251.11 and its two-hundred day moving average price is $225.53. The Allstate Corporation has a one year low of $188.08 and a one 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 stock has a market capitalization of $65.83 billion, a PE ratio of 5.20, a price-to-earnings-growth ratio of 0.39 and a beta of 0.16.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating the consensus estimate of $6.06 by $2.93. The company had revenue of $18.60 billion during the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $5.94 EPS. On average, equities analysts forecast that The Allstate Corporation will post 34.45 EPS for the current fiscal year.

Allstate Announces Dividend

The business also recently declared 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 is Monday, August 31st. Allstate’s dividend payout ratio (DPR) is currently 8.63%.

Insiders Place Their Bets

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the business’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 transaction of $14,870,388.00. Following the transaction, the chief operating officer owned 82,227 shares of the company’s stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrea Redmond sold 2,225 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director owned 2,225 shares in the company, valued at approximately $451,474.75. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 91,446 shares of company stock valued at $24,208,675 in the last 90 days. 1.55% of the stock is currently owned by insiders.

Allstate 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.