1ST Source Bank Sells 590 Shares of The Allstate Co. (NYSE:ALL)

1ST Source Bank decreased its holdings in The Allstate Co. (NYSE:ALL) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 34,498 shares of the insurance provider’s stock after selling 590 shares during the period. 1ST Source Bank’s holdings in Allstate were worth $6,651,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Allstate by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 577,934 shares of the insurance provider’s stock worth $109,605,000 after purchasing an additional 28,584 shares during the last quarter. Ameritas Advisory Services LLC boosted its position in Allstate by 117.3% during the fourth quarter. Ameritas Advisory Services LLC now owns 4,896 shares of the insurance provider’s stock valued at $944,000 after acquiring an additional 2,643 shares during the last quarter. Hennessy Advisors Inc. boosted its position in Allstate by 6.9% during the fourth quarter. Hennessy Advisors Inc. now owns 58,600 shares of the insurance provider’s stock valued at $11,297,000 after acquiring an additional 3,800 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Allstate by 10.5% during the fourth 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. Finally, Artemis Investment Management LLP boosted its position in Allstate by 33.3% during the fourth quarter. Artemis Investment Management LLP now owns 401,542 shares of the insurance provider’s stock valued at $77,413,000 after acquiring an additional 100,311 shares during the last quarter. Institutional investors own 76.47% of the company’s stock.

Allstate Trading Up 2.8 %

ALL opened at $207.68 on Monday. 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 Allstate Co. has a fifty-two week low of $156.66 and a fifty-two week high of $209.88. The firm has a market capitalization of $55.04 billion, a PE ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.47. The company’s 50-day moving average is $191.72 and its 200 day moving average is $192.47.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share for the quarter, topping 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%. As a group, research analysts predict that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

Allstate announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to buy up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Allstate Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be paid a $1.00 dividend. This is a positive change 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 annualized dividend and a yield of 1.93%. Allstate’s dividend payout ratio (DPR) is 23.54%.

Insider Buying and Selling at Allstate

In other Allstate 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 value of $7,480,226.06. Following the completion of the sale, the chief financial officer now owns 18,115 shares in the company, valued at approximately $3,378,990.95. This trade represents a 68.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on ALL shares. Wells Fargo & Company upped their price target on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Barclays cut their price target on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Argus raised shares of Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. Evercore ISI raised shares of Allstate from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 8th. Finally, Piper Sandler increased their price objective on shares of Allstate from $206.00 to $244.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Allstate currently 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.