First Citizens Bank & Trust Co. lowered its position in The Allstate Co. (NYSE:ALL) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 39,323 shares of the insurance provider’s stock after selling 835 shares during the period. First Citizens Bank & Trust Co.’s holdings in Allstate were worth $5,007,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Wagner Wealth Management LLC bought a new position in shares of Allstate in the second quarter valued at approximately $31,000. Eagle Bay Advisors LLC purchased a new stake in shares of Allstate during the second quarter valued at approximately $32,000. Heritage Wealth Management LLC increased its position in shares of Allstate by 88.9% during the second quarter. Heritage Wealth Management LLC now owns 255 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 120 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Allstate during the second quarter valued at approximately $35,000. Finally, Trustcore Financial Services LLC increased its position in shares of 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 acquiring an additional 164 shares during the last quarter. Institutional investors and hedge funds own 75.07% of the company’s stock.
Shares of NYSE ALL opened at $115.12 on Friday. The stock has a market cap of $33.00 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 1.13 and a beta of 0.83. The Allstate Co. has a fifty-two week low of $102.15 and a fifty-two week high of $140.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a fifty day moving average of $123.16 and a 200-day moving average of $129.52.
Allstate announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 4th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 13% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 3rd. Investors of record on Tuesday, November 30th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Monday, November 29th. Allstate’s dividend payout ratio is 29.94%.
ALL has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on Allstate in a research report on Thursday, November 18th. They set a “hold” rating and a $121.00 price target for the company. JPMorgan Chase & Co. decreased their price target on Allstate from $154.00 to $148.00 and set an “overweight” rating for the company in a research report on Thursday, November 4th. Barclays downgraded Allstate from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $147.00 to $123.00 in a research report on Wednesday, November 10th. Wolfe Research began coverage on Allstate in a research report on Monday, August 16th. They issued a “peer perform” rating and a $130.00 target price for the company. Finally, Morgan Stanley decreased their target price on Allstate from $144.00 to $137.00 and set an “equal weight” rating for the company in a research report on Friday, October 15th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $134.21.
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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