Wealth Enhancement Advisory Services LLC acquired a new position in shares of The Allstate Co. (NYSE:ALL – Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 9,910 shares of the insurance provider’s stock, valued at approximately $1,098,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in Allstate by 123.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,540,295 shares of the insurance provider’s stock worth $751,264,000 after buying an additional 3,064,105 shares in the last quarter. Cowa LLC bought a new stake in shares of Allstate in the 1st quarter worth $30,000. Norges Bank purchased a new stake in shares of Allstate in the fourth quarter valued at about $190,865,000. Morgan Stanley lifted its position in shares of Allstate by 29.0% during the fourth quarter. Morgan Stanley now owns 3,563,628 shares of the insurance provider’s stock valued at $483,228,000 after purchasing an additional 800,665 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Allstate by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,850,782 shares of the insurance provider’s stock worth $3,442,082,000 after purchasing an additional 745,096 shares during the last quarter. 75.44% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
ALL has been the subject of several analyst reports. Evercore ISI decreased their price objective on shares of Allstate from $138.00 to $132.00 and set an “in-line” rating for the company in a research note on Thursday, March 23rd. William Blair upgraded Allstate from a “market perform” rating to an “outperform” rating in a report on Monday, April 3rd. JPMorgan Chase & Co. upped their price objective on Allstate from $150.00 to $162.00 in a research note on Thursday, July 6th. BMO Capital Markets decreased their target price on Allstate from $130.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday, March 29th. Finally, Piper Sandler reduced their price target on shares of Allstate from $141.00 to $137.00 in a research report on Thursday, July 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $138.31.
Allstate Stock Performance
Allstate (NYSE:ALL – Get Free Report) last posted its earnings results on Thursday, May 4th. The insurance provider reported ($1.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.94) by $0.64. The firm had revenue of $13.79 billion for the quarter, compared to the consensus estimate of $13.68 billion. Allstate had a negative return on equity of 7.77% and a negative net margin of 4.33%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.58 earnings per share. On average, sell-side analysts anticipate that The Allstate Co. will post 1.61 earnings per share for the current year.
Allstate Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Friday, June 2nd were paid a $0.89 dividend. The ex-dividend date was Thursday, June 1st. This represents a $3.56 annualized dividend and a yield of 3.27%. Allstate’s dividend payout ratio is currently -40.14%.
Allstate Profile
The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; other personal lines products; and commercial lines products under the Allstate and Encompass brand names.
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