Kingswood Wealth Advisors LLC Lowers Stake in The Allstate Corporation (NYSE:ALL)

Kingswood Wealth Advisors LLC reduced its stake in shares of The Allstate Corporation (NYSE:ALL) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,252 shares of the insurance provider’s stock after selling 69 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Allstate were worth $466,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ALL. Los Angeles Capital Management LLC lifted its position in shares of Allstate by 10.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider’s stock valued at $98,065,000 after buying an additional 48,382 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Allstate by 56.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 186,792 shares of the insurance provider’s stock valued at $36,012,000 after acquiring an additional 67,032 shares during the last quarter. Keybank National Association OH lifted its position in Allstate by 1.7% during the fourth quarter. Keybank National Association OH now owns 344,875 shares of the insurance provider’s stock valued at $66,489,000 after acquiring an additional 5,786 shares during the last quarter. Blackstone Inc. purchased a new stake in Allstate during the fourth quarter valued at approximately $52,053,000. Finally, LexAurum Advisors LLC purchased a new stake in Allstate during the first quarter valued at approximately $317,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Stock Performance

ALL opened at $195.47 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average of $200.82 and a two-hundred day moving average of $196.63. The Allstate Corporation has a 12-month low of $157.48 and a 12-month high of $213.18. The firm has a market capitalization of $51.76 billion, a PE ratio of 13.35, a P/E/G ratio of 1.02 and a beta of 0.35.

Allstate (NYSE:ALL) last issued its earnings results on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.98 by ($0.45). The business had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $16.41 billion. Allstate had a return on equity of 24.62% and a net margin of 6.19%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the business earned $5.13 EPS. On average, analysts anticipate that The Allstate Corporation will post 18.74 EPS for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 9th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Monday, June 9th. Allstate’s dividend payout ratio is currently 27.32%.

Allstate declared that its Board of Directors has authorized a stock repurchase 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 typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Allstate from $217.00 to $222.00 and gave the company an “overweight” rating in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods increased their price objective on Allstate from $228.00 to $235.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th. Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Evercore ISI increased their price target on Allstate from $227.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Finally, Argus upgraded Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $225.20.

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.