Independent Financial Group LLC Purchases Shares of 6,286 The Allstate Corporation $ALL

Independent Financial Group LLC acquired a new position in shares of The Allstate Corporation (NYSE:ALL) during the 1st quarter, Holdings Channel.com reports. The fund acquired 6,286 shares of the insurance provider’s stock, valued at approximately $1,303,000.

A number of other institutional investors and hedge funds have also modified their holdings of ALL. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in Allstate in the 1st quarter valued at $10,770,000. Wealthfront Advisers LLC boosted its position in shares of Allstate by 5.9% during the 1st quarter. Wealthfront Advisers LLC now owns 40,815 shares of the insurance provider’s stock valued at $8,463,000 after acquiring an additional 2,269 shares in the last quarter. D.A. Davidson & CO. boosted its position in shares of Allstate by 3.3% during the 1st quarter. D.A. Davidson & CO. now owns 17,693 shares of the insurance provider’s stock valued at $3,669,000 after acquiring an additional 573 shares in the last quarter. Providence Wealth Advisors LLC increased its stake in Allstate by 0.6% in the first quarter. Providence Wealth Advisors LLC now owns 13,960 shares of the insurance provider’s stock valued at $2,860,000 after acquiring an additional 81 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in Allstate by 4.2% in the first quarter. Geneos Wealth Management Inc. now owns 3,035 shares of the insurance provider’s stock valued at $629,000 after acquiring an additional 122 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Allstate Stock Performance

NYSE:ALL opened at $253.73 on Tuesday. The stock has a market capitalization of $65.32 billion, a P/E ratio of 5.60, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 1 year low of $188.08 and a 1 year high of $257.67. The firm has a 50 day moving average of $228.09 and a 200-day moving average of $214.72.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The business had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same period in the prior year, the company earned $3.53 EPS. Allstate’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, sell-side analysts anticipate that The Allstate Corporation will post 30.4 EPS for the current fiscal year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be given a dividend of $1.08 per share. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. Allstate’s dividend payout ratio is presently 9.53%.

Insider Activity

In other news, COO Mario Rizzo sold 18,578 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the transaction, the chief operating officer owned 82,227 shares of the company’s stock, valued at $17,991,267.60. This represents a 18.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the transaction, the director owned 2,225 shares in the company, valued at $451,474.75. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on ALL shares. UBS Group cut shares of Allstate from a “buy” rating to a “neutral” rating and raised their price target for the stock from $255.00 to $261.00 in a research note on Wednesday, July 15th. Barclays upped their price objective on Allstate from $203.00 to $213.00 and gave the company an “underweight” rating in a research note on Tuesday, July 7th. Raymond James Financial increased their target price on Allstate from $260.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Monday, July 6th. Citigroup raised their target price on Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $254.80.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.