Congress Wealth Management LLC DE Sells 53,098 Shares of The Allstate Co. (NYSE:ALL)

Congress Wealth Management LLC DE lessened its position in shares of The Allstate Co. (NYSE:ALL) by 28.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 134,754 shares of the insurance provider’s stock after selling 53,098 shares during the period. Congress Wealth Management LLC DE’s holdings in Allstate were worth $25,979,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Allstate by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 32,635,424 shares of the insurance provider’s stock worth $6,291,783,000 after purchasing an additional 389,426 shares during the last quarter. Meridian Wealth Advisors LLC raised its stake in Allstate by 1.1% during the fourth quarter. Meridian Wealth Advisors LLC now owns 33,459 shares of the insurance provider’s stock worth $6,450,000 after acquiring an additional 362 shares in the last quarter. Stevens Capital Management LP lifted its holdings in shares of Allstate by 2.7% in the fourth quarter. Stevens Capital Management LP now owns 3,856 shares of the insurance provider’s stock worth $743,000 after acquiring an additional 103 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Allstate by 13.2% in the 4th quarter. LPL Financial LLC now owns 250,211 shares of the insurance provider’s stock valued at $48,238,000 after purchasing an additional 29,238 shares in the last quarter. Finally, Richwood Investment Advisors LLC boosted its position in Allstate by 9.6% in the fourth quarter. Richwood Investment Advisors LLC now owns 1,602 shares of the insurance provider’s stock valued at $309,000 after buying an additional 140 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, CFO Jesse E. Merten sold 40,102 shares of the stock in a transaction dated 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.80% of the company’s stock.

Allstate Stock Down 1.7 %

Shares of NYSE:ALL opened at $206.60 on Monday. The Allstate Co. has a 1 year low of $156.66 and a 1 year high of $212.91. 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 business’s 50-day moving average is $193.75 and its 200-day moving average is $193.12. The company has a market capitalization of $54.76 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.01 and a beta of 0.47.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share (EPS) for the quarter, beating 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 research analysts predict that The Allstate Co. will post 18.74 earnings per share for the current year.

Allstate Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Allstate’s previous quarterly dividend of $0.92. This represents a $4.00 annualized dividend and a yield of 1.94%. Allstate’s dividend payout ratio is currently 23.54%.

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

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.