Lake Street Private Wealth LLC Grows Position in The Allstate Co. (NYSE:ALL)

Lake Street Private Wealth LLC increased its position in The Allstate Co. (NYSE:ALL) by 3.8% in the first quarter, HoldingsChannel reports. The firm owned 24,284 shares of the insurance provider’s stock after purchasing an additional 891 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Allstate were worth $5,028,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALL. Bank of America Corp DE raised its stake in Allstate by 157.9% during the fourth quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider’s stock valued at $1,270,705,000 after buying an additional 4,035,629 shares during the last quarter. Norges Bank purchased a new position in Allstate during the fourth quarter valued at $344,354,000. GQG Partners LLC raised its stake in Allstate by 64.1% during the fourth quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider’s stock valued at $832,181,000 after buying an additional 1,685,694 shares during the last quarter. GAMMA Investing LLC raised its stake in Allstate by 25,026.1% during the first quarter. GAMMA Investing LLC now owns 1,273,895 shares of the insurance provider’s stock valued at $263,785,000 after buying an additional 1,268,825 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its stake in Allstate by 15,062.3% during the fourth quarter. Strategic Financial Concepts LLC now owns 1,119,129 shares of the insurance provider’s stock valued at $215,757,000 after buying an additional 1,111,748 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Stock Performance

Shares of ALL opened at $206.96 on Thursday. 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 one year low of $156.66 and a one year high of $213.18. The firm has a market capitalization of $54.81 billion, a P/E ratio of 12.18, a PEG ratio of 1.01 and a beta of 0.32. The business has a fifty day moving average of $199.59 and a 200 day moving average of $197.04.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 EPS for the quarter, missing the consensus estimate of $3.98 by ($0.45). Allstate had a return on equity of 28.20% and a net margin of 7.28%. The firm had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $16.41 billion. During the same period in the previous year, the firm earned $5.13 EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts anticipate that The Allstate Co. will post 18.74 EPS for the current year.

Allstate announced that its Board of Directors has approved a stock buyback program on Wednesday, February 26th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Monday, June 9th. Allstate’s payout ratio is currently 27.32%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALL. Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Keefe, Bruyette & Woods lifted their price objective on Allstate from $228.00 to $235.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. BMO Capital Markets reiterated an “outperform” rating on shares of Allstate in a research note on Friday, May 16th. JPMorgan Chase & Co. lifted their price objective on Allstate from $217.00 to $222.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price target on Allstate from $200.00 to $197.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Allstate has a consensus rating of “Moderate Buy” and a consensus target price of $225.20.

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.