Spire Wealth Management Sells 114 Shares of The Allstate Corporation (NYSE:ALL)

Spire Wealth Management trimmed its holdings in The Allstate Corporation (NYSE:ALL) by 0.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 14,812 shares of the insurance provider’s stock after selling 114 shares during the quarter. Spire Wealth Management’s holdings in Allstate were worth $3,067,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Pacific Sage Partners LLC bought a new position in shares of Allstate in the first quarter valued at about $210,000. Cornerstone Wealth Group LLC bought a new position in shares of Allstate in the first quarter valued at about $3,139,000. Invesco LLC raised its holdings in shares of Allstate by 10.0% in the first quarter. Invesco LLC now owns 16,073 shares of the insurance provider’s stock valued at $3,328,000 after buying an additional 1,458 shares during the last quarter. Spirepoint Private Client LLC raised its holdings in shares of Allstate by 26.9% in the first quarter. Spirepoint Private Client LLC now owns 2,542 shares of the insurance provider’s stock valued at $526,000 after buying an additional 539 shares during the last quarter. Finally, FORM Wealth Advisors LLC bought a new position in shares of Allstate in the first quarter valued at about $247,000. 76.47% of the stock is owned by institutional investors.

Allstate Price Performance

Allstate stock opened at $191.02 on Thursday. The firm has a market capitalization of $50.59 billion, a P/E ratio of 13.05, a PEG ratio of 1.02 and a beta of 0.35. The Allstate Corporation has a 1 year low of $157.48 and a 1 year high of $213.18. The business has a 50-day moving average of $200.84 and a 200-day moving average of $196.50. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40.

Allstate (NYSE:ALL) last posted its earnings results 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 24.62% and a net margin of 6.19%. The company had revenue of $14.30 billion for 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. Allstate’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

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

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be given a $1.00 dividend. The ex-dividend date is Monday, June 9th. This represents a $4.00 annualized dividend and a dividend yield of 2.09%. Allstate’s dividend payout ratio is presently 27.32%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wells Fargo & Company cut their price target on Allstate from $200.00 to $197.00 and set an “equal weight” rating for the company in a report on Tuesday, May 6th. Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a report on Thursday, May 1st. JPMorgan Chase & Co. boosted their price objective on Allstate from $217.00 to $222.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Raymond James Financial reissued a “strong-buy” rating and set a $250.00 price objective (up from $240.00) on shares of Allstate in a report on Monday, May 5th. Finally, Barclays dropped their price objective on Allstate from $183.00 to $172.00 and set an “underweight” rating for the company in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.20.

Allstate Company Profile

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.