The Allstate Co. (NYSE:ALL) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management cut its position in The Allstate Co. (NYSE:ALL) by 0.8% during the first quarter, Holdings Channel reports. The firm owned 14,182 shares of the insurance provider’s stock after selling 115 shares during the period. Ritholtz Wealth Management’s holdings in Allstate were worth $2,937,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of ALL. Los Angeles Capital Management LLC increased its holdings in Allstate by 10.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider’s stock worth $98,065,000 after buying an additional 48,382 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Allstate by 56.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 186,792 shares of the insurance provider’s stock valued at $36,012,000 after acquiring an additional 67,032 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Allstate by 4.7% in the fourth quarter. CIBC Asset Management Inc now owns 40,579 shares of the insurance provider’s stock worth $7,823,000 after acquiring an additional 1,828 shares during the period. Keybank National Association OH raised its holdings in shares of Allstate by 1.7% during the fourth quarter. Keybank National Association OH now owns 344,875 shares of the insurance provider’s stock worth $66,489,000 after purchasing an additional 5,786 shares during the last quarter. Finally, Blackstone Inc. purchased a new position in shares of Allstate during the fourth quarter worth $52,053,000. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Stock Down 0.9%

Shares of NYSE ALL opened at $198.61 on Monday. The firm has a market cap of $52.60 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 1.01 and a beta of 0.35. The company’s 50-day simple moving average is $200.21 and its 200-day simple moving average is $196.86. The company has a quick ratio of 0.40, a current ratio of 0.36 and a debt-to-equity ratio of 0.42. The Allstate Co. has a 52-week low of $156.66 and a 52-week high of $213.18.

Allstate (NYSE:ALL) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.98 by ($0.45). Allstate had a return on equity of 28.20% and a net margin of 7.28%. The firm had revenue of $14.30 billion during the quarter, compared to analyst estimates of $16.41 billion. During the same quarter in the previous year, the firm posted $5.13 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts predict that The Allstate Co. will post 18.74 EPS for the current fiscal year.

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

Allstate Dividend Announcement

The company 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. This represents a $4.00 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Monday, June 9th. Allstate’s payout ratio is 27.32%.

Analyst Ratings Changes

Several research firms have commented on ALL. William Blair started coverage on shares of Allstate in a report on Friday, June 6th. They issued a “sector outperform” rating on the stock. Morgan Stanley upped their target price on Allstate from $225.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods raised their target price on Allstate from $228.00 to $235.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. BMO Capital Markets reissued an “outperform” rating on shares of Allstate in a report on Friday, May 16th. Finally, Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.20.

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.