Summit Global Investments Sells 3,290 Shares of The Allstate Co. (NYSE:ALL)

Summit Global Investments decreased its holdings in shares of The Allstate Co. (NYSE:ALL) by 5.3% during the 4th quarter, Holdings Channel reports. The firm owned 58,965 shares of the insurance provider’s stock after selling 3,290 shares during the quarter. Summit Global Investments’ holdings in Allstate were worth $11,368,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. United Bank bought a new stake in shares of Allstate in the 3rd quarter valued at $209,000. Prospera Financial Services Inc grew its holdings in Allstate by 8.8% in the third quarter. Prospera Financial Services Inc now owns 2,389 shares of the insurance provider’s stock worth $453,000 after purchasing an additional 194 shares during the period. Avior Wealth Management LLC increased its stake in Allstate by 4.9% in the third quarter. Avior Wealth Management LLC now owns 1,329 shares of the insurance provider’s stock valued at $252,000 after purchasing an additional 62 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Allstate by 38.0% during the third quarter. Eagle Asset Management Inc. now owns 10,497 shares of the insurance provider’s stock valued at $2,067,000 after purchasing an additional 2,888 shares during the period. Finally, Biltmore Family Office LLC boosted its position in shares of Allstate by 2.0% during the 3rd quarter. Biltmore Family Office LLC now owns 6,710 shares of the insurance provider’s stock worth $1,279,000 after purchasing an additional 133 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Allstate Stock Performance

ALL stock opened at $206.60 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.36 and a debt-to-equity ratio of 0.42. The firm has a market cap of $54.76 billion, a PE ratio of 12.16, a P/E/G ratio of 1.01 and a beta of 0.47. The business has a 50 day moving average of $193.75 and a 200-day moving average of $193.07. The Allstate Co. has a 12-month low of $156.66 and a 12-month high of $212.91.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, beating analysts’ consensus estimates of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. As a group, sell-side analysts expect that The Allstate Co. will post 18.74 earnings per share for the current year.

Allstate announced that its board has initiated a share buyback program on Wednesday, February 26th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Allstate Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.94%. This is an increase from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Monday, March 10th. Allstate’s dividend payout ratio (DPR) is presently 23.54%.

Insider Activity at Allstate

In related news, CFO Jesse E. Merten sold 40,102 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the completion of the sale, the chief financial officer now directly owns 18,115 shares of the company’s stock, valued at approximately $3,378,990.95. This trade represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ALL has been the topic of a number of research reports. Keefe, Bruyette & Woods upped their price target on Allstate from $235.00 to $240.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 11th. Argus raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. Wells Fargo & Company boosted their price target on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. Piper Sandler upped their price objective on shares of Allstate from $206.00 to $244.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Barclays reduced their price objective on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $217.94.

Allstate Company Profile

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.