5 Financial Stocks to Buy Now According to Billionaire Cliff Asness

2. The Allstate Corporation (NYSE:ALL)

AQR Capital Management’s Stake Value: $215 million

Percentage of AQR Capital Management’s 13F Portfolio: 0.48%

Number of Hedge Fund Holders: 37

The Allstate Corporation (NYSE:ALL), headquartered in Northfield Township, Illinois, is an insurance company. Through its subsidiaries, the company engages in the property and casualty insurance business.

Asness’ AQR Capital Management owns more than 1.7 million shares in The Allstate Corporation (NYSE:ALL), representing 0.48% of the hedge fund’s holdings based on the latest security filings.

The Allstate Corporation (NYSE:ALL) has a strong dividend history and has raised its dividend every year for the last 11 years. As of September, the company also has a dividend yield of 2.68% and pays a quarterly dividend of $0.85 per share.

In Q2 2022, The Allstate Corporation (NYSE:ALL) reported quarterly revenue of $12.22 billion, beating estimates by $850 million. Shares of The Allstate Corporation (NYSE:ALL) have also increased over 8.03% year to date.

Many hedge funds like the stock. According to the second quarter database of Insider Monkey, 37 hedge funds were bullish on The Allstate Corporation (NYSE:ALL), with combined stakes worth about $627.3 million.