Parallel Advisors LLC Raises Stake in The Allstate Co. (NYSE:ALL)

Parallel Advisors LLC grew its holdings in The Allstate Co. (NYSE:ALL) by 3.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 8,017 shares of the insurance provider’s stock after buying an additional 235 shares during the period. Parallel Advisors LLC’s holdings in Allstate were worth $1,546,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Allstate by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 577,934 shares of the insurance provider’s stock valued at $109,605,000 after acquiring an additional 28,584 shares during the last quarter. Ameritas Advisory Services LLC increased its holdings in shares of Allstate by 117.3% in the fourth quarter. Ameritas Advisory Services LLC now owns 4,896 shares of the insurance provider’s stock valued at $944,000 after purchasing an additional 2,643 shares during the period. Hennessy Advisors Inc. raised its stake in shares of Allstate by 6.9% during the fourth quarter. Hennessy Advisors Inc. now owns 58,600 shares of the insurance provider’s stock worth $11,297,000 after purchasing an additional 3,800 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Allstate by 10.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider’s stock worth $98,065,000 after purchasing an additional 48,382 shares during the period. Finally, Artemis Investment Management LLP grew its position in Allstate by 33.3% in the 4th quarter. Artemis Investment Management LLP now owns 401,542 shares of the insurance provider’s stock valued at $77,413,000 after buying an additional 100,311 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

ALL has been the subject of a number of analyst reports. Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. Keefe, Bruyette & Woods lifted their price objective on Allstate from $235.00 to $240.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Wells Fargo & Company increased their target price on Allstate from $186.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 14th. Barclays decreased their price target on Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. Finally, Piper Sandler increased their price objective on Allstate from $206.00 to $244.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $217.94.

Allstate Stock Down 2.4 %

ALL stock opened at $205.02 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40. The company’s 50 day simple moving average is $192.60 and its 200-day simple moving average is $192.74. The Allstate Co. has a 12 month low of $156.66 and a 12 month high of $211.15. The firm has a market capitalization of $54.33 billion, a PE ratio of 12.07, a P/E/G ratio of 1.01 and a beta of 0.47.

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

Allstate declared that its board has authorized a share buyback program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Allstate Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be given a $1.00 dividend. The ex-dividend date is Monday, March 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from Allstate’s previous quarterly dividend of $0.92. Allstate’s payout ratio is currently 23.54%.

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.