Avantax Planning Partners Inc. increased its holdings in The Allstate Co. (NYSE:ALL) by 2.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,951 shares of the insurance provider’s stock after acquiring an additional 81 shares during the quarter. Avantax Planning Partners Inc.’s holdings in The Allstate were worth $385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the stock. Eagle Bay Advisors LLC purchased a new stake in The Allstate during the 2nd quarter valued at about $32,000. Burleson & Company LLC purchased a new stake in The Allstate during the 1st quarter valued at about $35,000. Stonebridge Capital Advisors LLC purchased a new stake in The Allstate during the 1st quarter valued at about $36,000. Trustcore Financial Services LLC grew its position in The Allstate by 150.5% during the 2nd quarter. Trustcore Financial Services LLC now owns 273 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 164 shares during the last quarter. Finally, PNC Managed Account Solutions Inc. purchased a new stake in The Allstate during the 2nd quarter valued at about $47,000. Institutional investors own 75.00% of the company’s stock.
ALL has been the topic of a number of recent analyst reports. Barclays raised their price target on shares of The Allstate from $144.00 to $147.00 and gave the company an “overweight” rating in a report on Friday, August 6th. UBS Group raised their price target on shares of The Allstate from $118.00 to $139.00 and gave the company a “neutral” rating in a report on Friday, July 9th. Morgan Stanley raised their price target on shares of The Allstate from $140.00 to $144.00 and gave the company an “equal weight” rating in a report on Monday, August 16th. Wolfe Research initiated coverage on shares of The Allstate in a report on Monday, August 16th. They set a “peer perform” rating and a $130.00 price target on the stock. Finally, Citigroup downgraded shares of The Allstate from a “buy” rating to a “neutral” rating in a report on Thursday, June 3rd. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, The Allstate has an average rating of “Hold” and a consensus price target of $134.17.
The Allstate (NYSE:ALL) last released its earnings results on Tuesday, August 3rd. The insurance provider reported $3.79 EPS for the quarter, topping analysts’ consensus estimates of $3.17 by $0.62. The Allstate had a net margin of 8.27% and a return on equity of 22.27%. The company had revenue of $10.44 billion for the quarter, compared to analysts’ expectations of $10.57 billion. During the same quarter last year, the business earned $2.46 EPS. The firm’s revenue was up 13.2% compared to the same quarter last year. Sell-side analysts forecast that The Allstate Co. will post 16.02 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Tuesday, August 31st will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Monday, August 30th. The Allstate’s payout ratio is currently 22.00%.
The Allstate announced that its board has initiated a stock repurchase plan on Wednesday, August 4th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 13% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Jesse E. Merten sold 15,000 shares of The Allstate stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $127.84, for a total transaction of $1,917,600.00. Following the sale, the insider now owns 24,378 shares in the company, valued at $3,116,483.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.56% of the company’s stock.
The Allstate Company Profile
The Allstate Corp. engages in the property and casualty insurance business and the sale of life, accident, and health insurance products through its subsidiaries. It operates through following business segments: Allstate Protection, Protection Services, Allstate Life, Allstate Benefits, Allstate Annuities, Discontinued Lines and Coverages, and Corporate and Other.
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