Morey & Quinn Wealth Partners LLC Increases Stock Position in The Allstate Co. (NYSE:ALL)

Morey & Quinn Wealth Partners LLC increased its holdings in The Allstate Co. (NYSE:ALL) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,222 shares of the insurance provider’s stock after buying an additional 84 shares during the quarter. Allstate accounts for about 1.8% of Morey & Quinn Wealth Partners LLC’s investment portfolio, making the stock its 13th largest position. Morey & Quinn Wealth Partners LLC’s holdings in Allstate were worth $2,117,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Allstate by 1.2% in the fourth 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 boosted its holdings in shares of Allstate by 2.4% in the fourth 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 boosted its holdings in shares of Allstate by 157.9% in the fourth 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 boosted its holdings in shares of Allstate by 3.1% in the fourth 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 boosted its holdings in shares of 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 buying an additional 1,685,694 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. William Blair assumed coverage on shares of Allstate in a report on Friday, June 6th. They issued a “sector outperform” rating on the stock. JPMorgan Chase & Co. raised their target price 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. Barclays decreased 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. Keefe, Bruyette & Woods raised their target price 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. Finally, Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $225.20.

Allstate Trading Down 0.9%

Allstate stock opened at $198.61 on Friday. The stock has a market cap of $52.60 billion, a P/E ratio of 11.69, a PEG ratio of 1.01 and a beta of 0.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40. The Allstate Co. has a 1 year low of $156.66 and a 1 year high of $213.18. The firm’s 50 day moving average price is $200.21 and its 200-day moving average price is $196.94.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share (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 company had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $16.41 billion. During the same quarter in the previous year, the business earned $5.13 EPS. The company’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities analysts predict that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

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

Allstate Announces Dividend

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

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.