Cresset Asset Management LLC Has $1.24 Million Stock Holdings in The Allstate Co. (NYSE:ALL)

Cresset Asset Management LLC lessened its stake in shares of The Allstate Co. (NYSE:ALL) by 70.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,394 shares of the insurance provider’s stock after selling 15,381 shares during the quarter. Cresset Asset Management LLC’s holdings in Allstate were worth $1,238,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Allstate by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 32,635,424 shares of the insurance provider’s stock worth $6,291,783,000 after buying an additional 389,426 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Allstate by 2.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,334,926 shares of the insurance provider’s stock worth $1,799,681,000 after buying an additional 218,771 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Allstate by 157.9% during the 4th quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider’s stock worth $1,270,705,000 after buying an additional 4,035,629 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Allstate by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 6,419,728 shares of the insurance provider’s stock worth $1,236,060,000 after buying an additional 191,147 shares during the last quarter. Finally, GQG Partners LLC lifted its stake in shares of Allstate by 64.1% during the 4th quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider’s stock worth $832,181,000 after buying an additional 1,685,694 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Allstate from $200.00 to $197.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Allstate from $217.00 to $222.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. StockNews.com upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Evercore ISI lifted their price objective on shares of Allstate from $227.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Allstate from $228.00 to $235.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $225.20.

Allstate Price Performance

Shares of NYSE:ALL opened at $202.57 on Monday. The firm has a 50 day moving average of $199.06 and a 200-day moving average of $195.19. The stock has a market capitalization of $53.64 billion, a PE ratio of 11.92, a PEG ratio of 1.01 and a beta of 0.32. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. 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 earnings results on Wednesday, April 30th. The insurance provider reported $3.53 EPS for the quarter, missing the consensus estimate of $3.98 by ($0.45). The firm had revenue of $14.30 billion during the quarter, compared to analyst estimates of $16.41 billion. Allstate had a net margin of 7.28% and a return on equity of 28.20%. Allstate’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.13 earnings per share. On average, equities research analysts predict that The Allstate Co. will post 18.74 EPS for the current fiscal year.

Allstate Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.97%. This is a boost from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date was Monday, March 10th. Allstate’s dividend payout ratio is currently 27.32%.

Allstate declared that its board has initiated a share buyback program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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.