Cibc World Markets Corp lifted its stake in The Allstate Co. (NYSE:ALL) by 11.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 116,995 shares of the insurance provider’s stock after acquiring an additional 11,694 shares during the period. Cibc World Markets Corp’s holdings in The Allstate were worth $15,261,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the company. Eagle Bay Advisors LLC acquired a new stake in The Allstate during the second quarter valued at approximately $32,000. Burleson & Company LLC acquired a new stake in The Allstate during the first quarter valued at approximately $35,000. Stonebridge Capital Advisors LLC acquired a new stake in The Allstate during the first quarter valued at approximately $36,000. Trustcore Financial Services LLC lifted its stake in The Allstate by 150.5% during the second 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. acquired a new stake in The Allstate during the second quarter valued at approximately $47,000. 75.00% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. 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. Piper Sandler upped their price objective on shares of The Allstate from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 3rd. They noted that the move was a valuation call. UBS Group upped their price objective on shares of The Allstate from $118.00 to $139.00 and gave the company a “neutral” rating in a research note on Friday, July 9th. Barclays upped their price objective on shares of The Allstate from $144.00 to $147.00 and gave the company an “overweight” rating in a research note on Friday, August 6th. Finally, Wells Fargo & Company boosted their target price on shares of The Allstate from $125.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Friday, July 9th. Nine equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $134.17.
Shares of The Allstate stock opened at $132.13 on Wednesday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $39.07 billion, a P/E ratio of 10.41, a price-to-earnings-growth ratio of 1.09 and a beta of 0.86. The Allstate Co. has a 12-month low of $86.51 and a 12-month high of $140.00. The company has a 50-day simple moving average of $132.68 and a 200 day simple moving average of $127.97.
The Allstate (NYSE:ALL) last posted its quarterly earnings data on Tuesday, August 3rd. The insurance provider reported $3.79 earnings per share for the quarter, beating the consensus estimate of $3.17 by $0.62. The Allstate had a net margin of 8.27% and a return on equity of 22.27%. The firm had revenue of $10.44 billion during the quarter, compared to analysts’ expectations of $10.57 billion. During the same quarter last year, the company posted $2.46 EPS. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, equities analysts anticipate that The Allstate Co. will post 16.02 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Tuesday, August 31st will be issued a dividend of $0.81 per share. The ex-dividend date is Monday, August 30th. This represents a $3.24 annualized dividend and a yield of 2.45%. The Allstate’s dividend payout ratio (DPR) is currently 22.00%.
The Allstate declared that its Board of Directors has authorized a share buyback program on Wednesday, August 4th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 13% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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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