Hoey Investments Inc. Trims Holdings in The Allstate Co. (NYSE:ALL)

Hoey Investments Inc. cut its holdings in The Allstate Co. (NYSE:ALL) by 9.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,926 shares of the insurance provider’s stock after selling 205 shares during the quarter. Hoey Investments Inc.’s holdings in Allstate were worth $399,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider’s stock worth $1,253,000 after purchasing an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Allstate in the 4th quarter worth about $231,000. Stenger Family Office LLC bought a new position in Allstate in the 4th quarter worth about $439,000. Stonebridge Financial Group LLC bought a new position in Allstate in the 4th quarter worth about $53,000. Finally, Leavell Investment Management Inc. boosted its stake in Allstate by 17.2% in the 4th quarter. Leavell Investment Management Inc. now owns 1,837 shares of the insurance provider’s stock worth $356,000 after purchasing an additional 269 shares in the last quarter. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Price Performance

Shares of NYSE:ALL opened at $198.61 on Friday. The firm’s 50 day moving average price is $200.21 and its 200-day moving average price is $197.01. The Allstate Co. has a twelve month low of $156.66 and a twelve month high of $213.18. 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 stock has a market capitalization of $52.60 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.01 and a beta of 0.35.

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

Allstate declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 26th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 9th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Monday, June 9th. Allstate’s dividend payout ratio (DPR) is presently 27.32%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ALL shares. BMO Capital Markets reiterated an “outperform” rating on shares of Allstate in a research note on Friday, May 16th. Morgan Stanley upped their price target on shares of Allstate from $225.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods upped their price target 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. William Blair began coverage on shares of Allstate in a research note on Friday, June 6th. They issued a “sector outperform” rating on the stock. Finally, Barclays lowered their target price on shares of Allstate from $183.00 to $172.00 and set an “underweight” rating on the stock in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Allstate has an average rating of “Moderate Buy” and a consensus price target of $225.20.

About Allstate

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.