Meridian Wealth Management LLC Invests $240,000 in The Allstate Co. (NYSE:ALL)

Meridian Wealth Management LLC bought a new stake in shares of The Allstate Co. (NYSE:ALL) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 1,266 shares of the insurance provider’s stock, valued at approximately $240,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ALL. SPC Financial Inc. boosted its holdings in Allstate by 3.6% during the third quarter. SPC Financial Inc. now owns 1,564 shares of the insurance provider’s stock valued at $297,000 after purchasing an additional 54 shares in the last quarter. Lake Street Advisors Group LLC lifted its position in shares of Allstate by 1.8% during the 3rd quarter. Lake Street Advisors Group LLC now owns 3,129 shares of the insurance provider’s stock worth $596,000 after buying an additional 54 shares during the period. Abacus Planning Group Inc. boosted its stake in Allstate by 2.4% in the 3rd quarter. Abacus Planning Group Inc. now owns 2,416 shares of the insurance provider’s stock valued at $458,000 after buying an additional 56 shares in the last quarter. Chicago Partners Investment Group LLC grew its position in Allstate by 1.3% in the third quarter. Chicago Partners Investment Group LLC now owns 4,630 shares of the insurance provider’s stock valued at $893,000 after acquiring an additional 59 shares during the period. Finally, Carmichael Hill & Associates Inc. raised its stake in Allstate by 15.0% during the third quarter. Carmichael Hill & Associates Inc. now owns 460 shares of the insurance provider’s stock worth $87,000 after acquiring an additional 60 shares in the last quarter. Institutional investors own 76.47% of the company’s stock.

Analyst Upgrades and Downgrades

ALL has been the topic of several recent analyst reports. TD Cowen boosted their target price on shares of Allstate from $193.00 to $224.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company upped their price target on shares of Allstate from $175.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods boosted their target price on shares of Allstate from $222.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Allstate from $209.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Barclays boosted their price objective on shares of Allstate from $175.00 to $187.00 and gave the company an “underweight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.19.

Allstate Price Performance

Shares of NYSE ALL opened at $202.14 on Tuesday. The Allstate Co. has a twelve month low of $134.17 and a twelve month high of $205.35. The company has a market cap of $53.53 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.81 and a beta of 0.48. The business’s 50 day moving average price is $191.64 and its two-hundred day moving average price is $178.11. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.43.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, October 30th. The insurance provider reported $3.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $1.71. Allstate had a return on equity of 26.67% and a net margin of 6.77%. The business had revenue of $16.63 billion for the quarter, compared to analyst estimates of $14.57 billion. During the same period in the previous year, the firm earned $0.81 EPS. The firm’s revenue was up 14.7% compared to the same quarter last year. On average, analysts predict that The Allstate Co. will post 16.07 EPS for the current year.

Allstate Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 29th will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, November 29th. Allstate’s payout ratio is presently 23.83%.

Insider Transactions at Allstate

In other Allstate news, insider John E. Dugenske sold 36,367 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $191.38, for a total transaction of $6,959,916.46. Following the completion of the sale, the insider now directly owns 27,364 shares in the company, valued at $5,236,922.32. This trade represents a 57.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.