Patten & Patten Inc. TN Makes New $231,000 Investment in The Allstate Co. (NYSE:ALL)

Patten & Patten Inc. TN bought a new position in The Allstate Co. (NYSE:ALL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,196 shares of the insurance provider's stock, valued at approximately $231,000.

A number of other institutional investors have also bought and sold shares of the business. Apella Capital LLC boosted its position in shares of Allstate by 1.9% during the fourth quarter. Apella Capital LLC now owns 3,231 shares of the insurance provider's stock worth $623,000 after acquiring an additional 60 shares during the last quarter. Avior Wealth Management LLC lifted its stake in Allstate by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 1,329 shares of the insurance provider's stock worth $252,000 after purchasing an additional 62 shares in the last quarter. Perigon Wealth Management LLC boosted its holdings in shares of Allstate by 2.1% during the 4th quarter. Perigon Wealth Management LLC now owns 2,990 shares of the insurance provider's stock valued at $571,000 after purchasing an additional 62 shares during the last quarter. Mather Group LLC. grew its position in shares of Allstate by 1.7% during the fourth quarter. Mather Group LLC. now owns 3,616 shares of the insurance provider's stock valued at $697,000 after purchasing an additional 62 shares in the last quarter. Finally, Angeles Wealth Management LLC increased its holdings in shares of Allstate by 4.6% in the fourth quarter. Angeles Wealth Management LLC now owns 1,403 shares of the insurance provider's stock worth $270,000 after purchasing an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

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Insider Buying and Selling at Allstate

In other news, CFO Jesse E. Merten sold 40,102 shares of Allstate 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 approximately $3,378,990.95. The trade was a 68.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ALL shares. Barclays dropped their price target on Allstate from $187.00 to $183.00 and set an "underweight" rating for the company in a research note on Monday, January 6th. Evercore ISI upgraded Allstate from an "in-line" rating to an "outperform" rating in a research report on Wednesday, January 8th. Piper Sandler raised their target price on shares of Allstate from $206.00 to $244.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods upped their price target on shares of Allstate from $235.00 to $240.00 and gave the company an "outperform" rating in a research note on Tuesday, February 11th. Finally, Wells Fargo & Company increased their price objective 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.94.

Allstate Trading Down 1.7 %

Shares of NYSE ALL traded down $3.58 during midday trading on Friday, hitting $206.60. The company's stock had a trading volume of 2,886,576 shares, compared to its average volume of 1,506,698. The Allstate Co. has a 12-month low of $156.66 and a 12-month high of $212.91. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The firm has a market cap of $54.76 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47. The business's 50 day moving average is $193.24 and its two-hundred day moving average is $192.94.

Allstate (NYSE:ALL - Get Free Report) last released 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 return on equity of 28.20% and a net margin of 7.28%. As a group, equities research analysts expect that The Allstate Co. will post 18.74 EPS for the current year.

Allstate announced that its Board of Directors has authorized 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 purchase up to 3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Allstate Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.94%. This is a boost from Allstate's previous quarterly dividend of $0.92. The ex-dividend date is Monday, March 10th. Allstate's payout ratio is 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.