Summit Global Investments Sells 11,675 Shares of The Allstate Co. (NYSE:ALL)

Summit Global Investments trimmed its holdings in The Allstate Co. (NYSE:ALL) by 80.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,796 shares of the insurance provider’s stock after selling 11,675 shares during the quarter. Summit Global Investments’ holdings in Allstate were worth $391,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ALL. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Allstate during the third quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Allstate during the 4th quarter valued at $36,000. Venturi Wealth Management LLC lifted its holdings in shares of Allstate by 152.7% during the 4th quarter. Venturi Wealth Management LLC now owns 278 shares of the insurance provider’s stock valued at $39,000 after buying an additional 168 shares during the period. Bruce G. Allen Investments LLC purchased a new position in shares of Allstate in the 4th quarter worth $43,000. Finally, First Command Advisory Services Inc. bought a new stake in shares of Allstate in the third quarter worth $48,000. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Insiders Place Their Bets

In other news, insider John E. Dugenske sold 31,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the completion of the transaction, the insider now directly owns 63,731 shares in the company, valued at approximately $10,847,016.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider John E. Dugenske sold 31,000 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the sale, the insider now directly owns 63,731 shares in the company, valued at approximately $10,847,016.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John C. Pintozzi sold 4,000 shares of Allstate stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the transaction, the chief accounting officer now owns 10,736 shares of the company’s stock, valued at approximately $1,712,069.92. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ALL. Keefe, Bruyette & Woods increased their target price on Allstate from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. TD Cowen began coverage on shares of Allstate in a research report on Wednesday, January 10th. They set an “outperform” rating and a $193.00 target price for the company. Evercore ISI increased their price target on shares of Allstate from $166.00 to $173.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Roth Mkm boosted their price objective on shares of Allstate from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, BMO Capital Markets raised their target price on Allstate from $140.00 to $158.00 and gave the stock a “market perform” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Allstate currently has a consensus rating of “Moderate Buy” and an average target price of $174.18.

Allstate Price Performance

ALL stock opened at $168.18 on Monday. The company has a market capitalization of $44.39 billion, a PE ratio of 37.13, a price-to-earnings-growth ratio of 0.39 and a beta of 0.51. The company’s fifty day moving average price is $166.06 and its 200-day moving average price is $151.27. The Allstate Co. has a one year low of $100.57 and a one year high of $177.37. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.37 and a current ratio of 0.36.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $5.13 EPS for the quarter, topping the consensus estimate of $4.11 by $1.02. The business had revenue of $15.26 billion for the quarter, compared to analysts’ expectations of $12.76 billion. Allstate had a net margin of 2.31% and a return on equity of 14.44%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.30) EPS. On average, equities analysts anticipate that The Allstate Co. will post 14.57 EPS for the current fiscal year.

Allstate Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, March 1st. This is a boost from Allstate’s previous quarterly dividend of $0.89. Allstate’s dividend payout ratio (DPR) is currently 81.24%.

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.