Capital Investment Advisors LLC Cuts Stake in The Allstate Co. (NYSE:ALL)

Capital Investment Advisors LLC reduced its position in shares of The Allstate Co. (NYSE:ALL) by 5.6% in the first quarter, Holdings Channel reports. The fund owned 3,772 shares of the insurance provider’s stock after selling 224 shares during the quarter. Capital Investment Advisors LLC’s holdings in Allstate were worth $781,000 at the end of the most recent reporting period.

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

Allstate Stock Performance

NYSE ALL opened at $196.24 on Wednesday. The stock has a market cap of $51.97 billion, a PE ratio of 11.55, a P/E/G ratio of 1.01 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The Allstate Co. has a twelve month low of $156.66 and a twelve month high of $213.18. The stock has a fifty day simple moving average of $199.31 and a 200-day simple moving average of $197.09.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $3.53 EPS for the quarter, missing analysts’ consensus estimates of $3.98 by ($0.45). Allstate had a net margin of 7.28% and a return on equity of 28.20%. The firm had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $16.41 billion. During the same quarter last year, the business earned $5.13 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. Equities analysts anticipate that The Allstate Co. will post 18.74 earnings per share for the current year.

Allstate announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 26th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 9th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Monday, June 9th. Allstate’s payout ratio is presently 27.32%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. BMO Capital Markets restated an “outperform” rating on shares of Allstate in a research report on Friday, May 16th. Morgan Stanley raised their price target on Allstate from $225.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Raymond James restated a “strong-buy” rating and issued a $250.00 price target (up from $240.00) on shares of Allstate in a research report on Monday, May 5th. Wells Fargo & Company lowered their price target on Allstate from $200.00 to $197.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 6th. Finally, Argus upgraded Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Allstate presently has an average rating of “Moderate Buy” and an average target price of $225.20.

Allstate 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.