Convergence Investment Partners LLC Makes New $1.20 Million Investment in The Allstate Co. (NYSE:ALL)

Convergence Investment Partners LLC purchased a new position in shares of The Allstate Co. (NYSE:ALL) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,222 shares of the insurance provider’s stock, valued at approximately $1,200,000.

A number of other hedge funds have also recently made changes to their positions in the business. Atlas Legacy Advisors LLC bought a new stake in shares of Allstate in the 4th quarter valued at about $3,123,000. Kentucky Retirement Systems Insurance Trust Fund increased its stake in Allstate by 106.0% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 16,107 shares of the insurance provider’s stock worth $3,105,000 after purchasing an additional 8,289 shares during the period. Key Financial Inc lifted its position in Allstate by 24.3% in the fourth quarter. Key Financial Inc now owns 838 shares of the insurance provider’s stock valued at $162,000 after purchasing an additional 164 shares during the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of Allstate by 140.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 10,655 shares of the insurance provider’s stock valued at $2,057,000 after purchasing an additional 6,215 shares during the period. Finally, Kornitzer Capital Management Inc. KS grew its holdings in shares of Allstate by 1.5% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 245,285 shares of the insurance provider’s stock worth $47,288,000 after purchasing an additional 3,699 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ALL has been the subject of a number of recent analyst reports. Evercore ISI upgraded shares of Allstate from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 8th. Jefferies Financial Group upped their price objective on shares of Allstate from $231.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company increased their target price on shares of Allstate from $186.00 to $187.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 14th. Morgan Stanley boosted their price target on Allstate from $220.00 to $228.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Barclays dropped their price objective on Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Allstate currently has a consensus rating of “Moderate Buy” and a consensus price target of $217.94.

Allstate Stock Performance

Shares of ALL stock opened at $191.67 on Thursday. The company’s fifty day moving average price is $190.52 and its 200-day moving average price is $190.04. The stock has a market cap of $50.76 billion, a PE ratio of 11.28, a price-to-earnings-growth ratio of 1.02 and a beta of 0.52. 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 Allstate Co. has a 12 month low of $153.87 and a 12 month high of $209.88.

Allstate (NYSE:ALL) last announced its quarterly earnings data 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%. On average, equities analysts expect that The Allstate Co. will post 18.65 EPS for the current fiscal year.

Insider Activity at Allstate

In other news, CFO Jesse E. Merten sold 40,102 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 18,115 shares in the company, valued at $3,378,990.95. This trade represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by corporate insiders.

Allstate Company 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.