Summit Global Investments Sells 3,290 Shares of The Allstate Co. (NYSE:ALL)

Summit Global Investments cut its position in shares of The Allstate Co. (NYSE:ALL - Free Report) by 5.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,965 shares of the insurance provider's stock after selling 3,290 shares during the quarter. Summit Global Investments' holdings in Allstate were worth $11,368,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. VSM Wealth Advisory LLC purchased a new stake in shares of Allstate in the 4th quarter worth about $25,000. FSA Wealth Management LLC bought a new stake in Allstate during the third quarter worth about $26,000. Twin Tree Management LP purchased a new stake in Allstate in the fourth quarter worth about $27,000. Vision Financial Markets LLC bought a new position in shares of Allstate during the fourth quarter valued at approximately $29,000. Finally, Hopwood Financial Services Inc. purchased a new position in shares of Allstate during the fourth quarter valued at approximately $29,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ALL shares. Evercore ISI raised Allstate from an "in-line" rating to an "outperform" rating in a research report on Wednesday, January 8th. Wells Fargo & Company raised their price target on Allstate from $186.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, January 14th. Argus upgraded shares of Allstate from a "hold" rating to a "buy" rating in a research note on Monday, March 3rd. Barclays cut their price objective 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. Finally, Piper Sandler lifted 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 assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $217.94.

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Insider Transactions at Allstate

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the business's stock in a transaction dated Monday, February 10th. The stock was 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 document filed with the SEC, which is accessible through the SEC website. 1.80% of the stock is currently owned by company insiders.

Allstate Stock Performance

Shares of ALL traded up $1.04 during trading hours on Wednesday, hitting $209.16. The stock had a trading volume of 1,086,710 shares, compared to its average volume of 1,495,541. The firm has a market capitalization of $55.43 billion, a PE ratio of 12.31, a PEG ratio of 1.01 and a beta of 0.47. 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 stock has a fifty day moving average price of $194.67 and a 200 day moving average price of $193.43. The Allstate Co. has a 12 month low of $156.66 and a 12 month high of $212.91.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings data 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 net margin of 7.28% and a return on equity of 28.20%. Analysts anticipate that The Allstate Co. will post 18.74 EPS for the current year.

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 dividend of $1.00 per share. This is an increase from Allstate's previous quarterly dividend of $0.92. The ex-dividend date is Monday, March 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.91%. Allstate's payout ratio is presently 23.54%.

Allstate declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.