Zurcher Kantonalbank Zurich Cantonalbank Buys 67,032 Shares of The Allstate Co. (NYSE:ALL)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in The Allstate Co. (NYSE:ALL) by 56.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 186,792 shares of the insurance provider’s stock after buying an additional 67,032 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.07% of Allstate worth $36,012,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. FSA Wealth Management LLC bought a new stake in shares of Allstate in the 3rd quarter valued at about $26,000. Vision Financial Markets LLC bought a new stake in shares of Allstate during the 4th quarter valued at about $29,000. Peoples Bank KS bought a new stake in shares of Allstate during the 4th quarter valued at about $49,000. Stonebridge Financial Group LLC bought a new stake in shares of Allstate during the 4th quarter valued at about $53,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Allstate during the 4th quarter valued at about $57,000. Institutional investors own 76.47% of the company’s stock.

Allstate Stock Performance

Shares of Allstate stock opened at $199.00 on Tuesday. The company has a market cap of $52.74 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47. The Allstate Co. has a 52 week low of $156.45 and a 52 week high of $209.88. The business has a 50 day moving average price of $190.89 and a 200-day moving average price of $191.95. The company has a quick ratio of 0.40, a current ratio of 0.36 and a debt-to-equity ratio of 0.42.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, topping the consensus estimate of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. Equities analysts anticipate that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

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 2.01%. This is an increase from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date is Monday, March 10th. Allstate’s dividend payout ratio (DPR) is presently 23.54%.

Allstate announced that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the insurance provider to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Piper Sandler upped their target price on Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods upped their target price on Allstate from $235.00 to $240.00 and gave the company an “outperform” rating in a research report on Tuesday, February 11th. Barclays cut their target price on Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Wells Fargo & Company upped their target price on Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Finally, Evercore ISI raised Allstate from an “in-line” rating to an “outperform” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $217.94.

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.

Allstate 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.