West Michigan Advisors LLC Decreases Holdings in The Allstate Co. (NYSE:ALL)

West Michigan Advisors LLC trimmed its holdings in shares of The Allstate Co. (NYSE:ALL) by 5.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,061 shares of the insurance provider’s stock after selling 109 shares during the quarter. West Michigan Advisors LLC’s holdings in Allstate were worth $399,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. J.W. Cole Advisors Inc. grew its holdings in Allstate by 34.1% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 2,330 shares of the insurance provider’s stock valued at $442,000 after purchasing an additional 593 shares during the last quarter. abrdn plc grew its holdings in Allstate by 10.0% during the 3rd quarter. abrdn plc now owns 107,681 shares of the insurance provider’s stock valued at $20,355,000 after purchasing an additional 9,762 shares during the last quarter. Valmark Advisers Inc. bought a new position in Allstate during the 3rd quarter valued at about $244,000. Fidelis Capital Partners LLC bought a new position in Allstate during the 3rd quarter valued at about $217,000. Finally, SteelPeak Wealth LLC grew its holdings in Allstate by 17.0% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,992 shares of the insurance provider’s stock valued at $380,000 after purchasing an additional 290 shares during the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Allstate

In related news, CFO Jesse E. Merten sold 40,102 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the completion of the sale, the chief financial officer now owns 18,115 shares of the company’s stock, valued at $3,378,990.95. This represents a 68.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by corporate insiders.

Allstate Price Performance

Shares of ALL opened at $199.20 on Friday. The company has a 50 day moving average price of $190.26 and a 200-day moving average price of $190.90. The Allstate Co. has a fifty-two week low of $153.87 and a fifty-two week high of $209.88. The stock has a market capitalization of $52.79 billion, a PE ratio of 11.72, a PEG ratio of 1.01 and a beta of 0.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.36.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, beating analysts’ consensus estimates of $5.40 by $2.27. Allstate had a net margin of 7.28% and a return on equity of 28.20%. Equities analysts predict that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

Allstate announced that its board has approved a share buyback plan on Wednesday, February 26th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Allstate Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be given a dividend of $1.00 per share. This is a boost from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.00 dividend on an annualized basis and a yield of 2.01%. Allstate’s dividend payout ratio is presently 21.66%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler upped their price target on shares of Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Barclays dropped their target price on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. Evercore ISI upgraded shares of Allstate from an “in-line” rating to an “outperform” rating in a research note on Wednesday, January 8th. Keefe, Bruyette & Woods upped their target price on shares of Allstate from $235.00 to $240.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 11th. Finally, UBS Group upped their target price on shares of Allstate from $216.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $217.94.

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.