Stonegate Investment Group LLC Cuts Stock Position in The Allstate Corporation (NYSE:ALL)

Stonegate Investment Group LLC cut its holdings in The Allstate Corporation (NYSE:ALL) by 5.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,412 shares of the insurance provider’s stock after selling 142 shares during the quarter. Stonegate Investment Group LLC’s holdings in Allstate were worth $499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew 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 valued at $6,291,783,000 after purchasing an additional 389,426 shares in the last quarter. Price T Rowe Associates Inc. MD grew 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 valued at $1,799,681,000 after purchasing an additional 218,771 shares in the last quarter. Bank of America Corp DE grew 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 valued at $1,270,705,000 after purchasing an additional 4,035,629 shares in the last quarter. Geode Capital Management LLC boosted its stake in Allstate by 3.1% during 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 period. Finally, GQG Partners LLC boosted its stake in Allstate by 64.1% during 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 period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Allstate Stock Performance

ALL stock opened at $195.47 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.40 and a quick ratio of 0.40. The business has a 50-day moving average price of $200.82 and a 200 day moving average price of $196.63. The company has a market capitalization of $51.76 billion, a P/E ratio of 13.35, a PEG ratio of 1.02 and a beta of 0.35. The Allstate Corporation has a 1-year low of $157.48 and a 1-year high of $213.18.

Allstate (NYSE:ALL) last released 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). The firm had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $16.41 billion. Allstate had a net margin of 6.19% and a return on equity of 24.62%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.13 earnings per share. As a group, equities research analysts forecast that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $4.00 annualized dividend and a dividend yield of 2.05%. Allstate’s payout ratio is currently 27.32%.

Allstate announced that its board has authorized a stock repurchase plan on Wednesday, February 26th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the insurance provider to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have commented on ALL. 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. Raymond James Financial reaffirmed a “strong-buy” rating and set a $250.00 price objective (up from $240.00) on shares of Allstate in a research note on Monday, May 5th. 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. William Blair began coverage on shares of Allstate in a research note on Friday, June 6th. They set a “sector outperform” rating for the company. Finally, Barclays dropped their price objective on shares of Allstate from $183.00 to $172.00 and set an “underweight” rating for the company 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. According to MarketBeat, Allstate currently has a consensus rating of “Moderate Buy” and an average price target of $225.20.

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.