1ST Source Bank Has $6.65 Million Stock Position in The Allstate Co. (NYSE:ALL)

1ST Source Bank lowered its stake in The Allstate Co. (NYSE:ALL) by 1.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,498 shares of the insurance provider’s stock after selling 590 shares during the quarter. 1ST Source Bank’s holdings in Allstate were worth $6,651,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp grew its holdings in Allstate by 1.1% during the third quarter. State Street Corp now owns 11,496,306 shares of the insurance provider’s stock worth $2,190,758,000 after purchasing an additional 126,922 shares during the period. Geode Capital Management LLC grew its holdings in Allstate by 1.2% during the third quarter. Geode Capital Management LLC now owns 6,228,581 shares of the insurance provider’s stock worth $1,178,164,000 after purchasing an additional 74,537 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Allstate by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,834,172 shares of the insurance provider’s stock worth $353,610,000 after purchasing an additional 19,463 shares during the period. Strategic Financial Concepts LLC grew its holdings in Allstate by 15,062.3% during the fourth quarter. Strategic Financial Concepts LLC now owns 1,119,129 shares of the insurance provider’s stock worth $215,757,000 after purchasing an additional 1,111,748 shares during the period. Finally, FMR LLC grew its holdings in Allstate by 11.8% during the third quarter. FMR LLC now owns 933,352 shares of the insurance provider’s stock worth $177,010,000 after purchasing an additional 98,179 shares during the period. Institutional investors own 76.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Piper Sandler lifted their price target on Allstate from $206.00 to $244.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Evercore ISI upgraded Allstate from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 8th. Barclays reduced their price objective on Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a report on Monday, January 6th. Wells Fargo & Company boosted their price objective on Allstate from $186.00 to $187.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 14th. Finally, Argus upgraded Allstate from a “hold” rating to a “buy” rating in a report on Monday, March 3rd. One 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $217.94.

Allstate Stock Up 2.8 %

Shares of ALL opened at $207.68 on Monday. The Allstate Co. has a one year low of $156.66 and a one year high of $209.88. The company has a market cap of $55.04 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.47. 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 firm has a 50 day simple moving average of $191.72 and a two-hundred day simple moving average of $192.47.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, beating the consensus estimate of $5.40 by $2.27. Allstate had a net margin of 7.28% and a return on equity of 28.20%. Research analysts forecast that The Allstate Co. will post 18.74 EPS for the current fiscal year.

Allstate Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Allstate’s previous quarterly dividend of $0.92. This represents a $4.00 annualized dividend and a dividend yield of 1.93%. Allstate’s dividend payout ratio is 23.54%.

Allstate declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Allstate

In other news, CFO Jesse E. Merten sold 40,102 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the completion of the transaction, the chief financial officer now directly owns 18,115 shares in the company, valued at approximately $3,378,990.95. This represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.

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.