Associated Banc Corp Lowers Stock Position in The Allstate Co. (NYSE:ALL)

Associated Banc Corp lowered its position in shares of The Allstate Co. (NYSE:ALL) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 113,037 shares of the insurance provider’s stock after selling 2,679 shares during the quarter. Associated Banc Corp’s holdings in Allstate were worth $21,792,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ALL. Apella Capital LLC increased its stake in Allstate by 1.9% in the 4th 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 increased 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 acquiring an additional 62 shares during the last quarter. Perigon Wealth Management LLC increased its stake in Allstate by 2.1% in the 4th quarter. Perigon Wealth Management LLC now owns 2,990 shares of the insurance provider’s stock worth $571,000 after acquiring an additional 62 shares during the last quarter. Mather Group LLC. increased its stake in Allstate by 1.7% in the 4th quarter. Mather Group LLC. now owns 3,616 shares of the insurance provider’s stock worth $697,000 after acquiring an additional 62 shares during the last quarter. Finally, Angeles Wealth Management LLC increased its stake in Allstate by 4.6% in the 4th quarter. Angeles Wealth Management LLC now owns 1,403 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Wall Street Analyst Weigh In

ALL has been the topic of several analyst reports. Wells Fargo & Company boosted their target price on Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Argus raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. The Goldman Sachs Group boosted their target price on Allstate from $209.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Piper Sandler boosted their target price on Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Finally, Evercore ISI raised Allstate from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Allstate currently has an average rating of “Moderate Buy” and an average 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 stock was sold at an average price of $186.53, for a total value of $7,480,226.06. Following the transaction, the chief financial officer now directly owns 18,115 shares of the company’s stock, valued at approximately $3,378,990.95. This represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.

Allstate Stock Performance

Shares of Allstate stock opened at $207.68 on Friday. The Allstate Co. has a 52 week low of $156.66 and a 52 week high of $209.88. The company has a market capitalization of $55.04 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47. The stock’s fifty day moving average is $191.72 and its two-hundred day moving average is $192.38. The company has a quick ratio of 0.40, a current ratio of 0.36 and a debt-to-equity ratio of 0.42.

Allstate (NYSE:ALL) last issued its 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%. As a group, analysts expect that The Allstate Co. will post 18.74 earnings per share for the current year.

Allstate Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.93%. This is a boost from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Monday, March 10th. Allstate’s dividend payout ratio is currently 23.54%.

Allstate announced that its board has approved a stock repurchase 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 purchase up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are 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.