Snowden Capital Advisors LLC Decreases Position in The Allstate Co. (NYSE:ALL)

Snowden Capital Advisors LLC cut its stake in shares of The Allstate Co. (NYSE:ALL) by 45.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,076 shares of the insurance provider’s stock after selling 2,604 shares during the period. Snowden Capital Advisors LLC’s holdings in Allstate were worth $596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of ALL. Bank of America Corp DE grew its stake in shares of Allstate by 157.9% during the fourth quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider’s stock valued at $1,270,705,000 after buying an additional 4,035,629 shares during the last quarter. Norges Bank bought a new position in Allstate in the fourth quarter worth approximately $344,354,000. GQG Partners LLC grew its stake in Allstate by 64.1% in the fourth quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider’s stock worth $832,181,000 after purchasing an additional 1,685,694 shares in the last quarter. Strategic Financial Concepts LLC grew its stake in Allstate by 15,062.3% in the fourth quarter. Strategic Financial Concepts LLC now owns 1,119,129 shares of the insurance provider’s stock worth $215,757,000 after purchasing an additional 1,111,748 shares in the last quarter. Finally, Castle Hook Partners LP grew its stake in Allstate by 1,303.3% in the fourth quarter. Castle Hook Partners LP now owns 824,838 shares of the insurance provider’s stock worth $159,021,000 after purchasing an additional 766,058 shares in the last quarter. Institutional investors own 76.47% of the company’s stock.

Analysts Set New Price Targets

ALL has been the topic of several research analyst reports. StockNews.com raised Allstate from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Argus raised Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Allstate in a research report on Friday. Wells Fargo & Company dropped their target price on Allstate from $200.00 to $197.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 6th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $250.00 target price (up previously from $240.00) on shares of Allstate in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $225.20.

Allstate Stock Performance

Shares of ALL opened at $208.09 on Wednesday. The Allstate Co. has a 12 month low of $156.66 and a 12 month high of $212.91. The stock has a fifty day moving average price of $199.83 and a 200-day moving average price of $196.02. 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 firm has a market cap of $55.11 billion, a PE ratio of 12.25, a P/E/G ratio of 1.01 and a beta of 0.32.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 EPS for the quarter, missing the consensus estimate of $3.98 by ($0.45). Allstate had a net margin of 7.28% and a return on equity of 28.20%. The business had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $16.41 billion. During the same quarter in the prior year, the company posted $5.13 EPS. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts predict that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

Allstate Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Monday, March 10th. This is a positive change from Allstate’s previous quarterly dividend of $0.92. Allstate’s dividend payout ratio is currently 27.32%.

Allstate declared that its Board of Directors 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 reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.