Sowell Financial Services LLC Takes $1.17 Million Position in The Allstate Corporation (NYSE:ALL)

Sowell Financial Services LLC acquired a new stake in shares of The Allstate Corporation (NYSE:ALL) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 5,646 shares of the insurance provider’s stock, valued at approximately $1,169,000.

Several other large investors have also added to or reduced their stakes in the company. Intrust Bank NA lifted its stake in shares of Allstate by 0.5% during the fourth quarter. Intrust Bank NA now owns 12,135 shares of the insurance provider’s stock worth $2,340,000 after buying an additional 61 shares during the period. EverSource Wealth Advisors LLC lifted its position in Allstate by 4.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,505 shares of the insurance provider’s stock worth $290,000 after acquiring an additional 63 shares during the period. Miracle Mile Advisors LLC lifted its position in Allstate by 1.7% during the 1st quarter. Miracle Mile Advisors LLC now owns 3,777 shares of the insurance provider’s stock worth $782,000 after acquiring an additional 63 shares during the period. Empower Advisory Group LLC lifted its position in Allstate by 5.3% during the 4th quarter. Empower Advisory Group LLC now owns 1,286 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 65 shares during the period. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Allstate by 28.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 302 shares of the insurance provider’s stock worth $58,000 after purchasing an additional 66 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Argus raised Allstate from a “hold” rating to a “buy” rating in a report on Monday, March 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Allstate from $228.00 to $235.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Raymond James Financial restated a “strong-buy” rating and set a $250.00 target price (up from $240.00) on shares of Allstate in a research report on Monday, May 5th. Wall Street Zen upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research report on Thursday, May 1st. Finally, Morgan Stanley boosted their target price on shares of Allstate from $225.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $225.20.

Allstate Stock Performance

NYSE ALL opened at $198.15 on Wednesday. The stock has a market capitalization of $52.47 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.04 and a beta of 0.35. The Allstate Corporation has a twelve month low of $156.87 and a twelve month high of $213.18. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40. The stock has a 50-day moving average of $200.62 and a 200 day moving average of $196.81.

Allstate (NYSE:ALL) last announced its earnings results 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). The business had revenue of $14.30 billion for the quarter, compared to analyst estimates of $16.41 billion. Allstate had a return on equity of 24.62% and a net margin of 6.19%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $5.13 earnings per share. Sell-side analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 26th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the insurance provider to buy up to 3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Allstate Announces Dividend

The business 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 dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $4.00 annualized dividend and a dividend yield of 2.02%. Allstate’s dividend payout ratio (DPR) is presently 27.32%.

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.