Texas Capital Bank Wealth Management Services Inc Makes New $307,000 Investment in The Allstate Corporation $ALL

Key Points

• Texas Capital Bank Wealth Management Services Inc. bought 1,481 shares of The Allstate Corporation, valued at approximately $307,000, as part of their investment strategy in Q1.
• Several analysts have recently upgraded Allstate’s stock ratings, with Keefe, Bruyette & Woods raising the price target to $246.00 while maintaining an "outperform" rating.
• Allstate announced a quarterly dividend of $1.00 per share, which reflects a 1.9% dividend yield, to be paid to investors of record on August 29.

Texas Capital Bank Wealth Management Services Inc bought a new position in shares of The Allstate Corporation (NYSE:ALL - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,481 shares of the insurance provider's stock, valued at approximately $307,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of 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 worth $1,270,705,000 after buying an additional 4,035,629 shares in the last quarter. Boston Partners boosted its position in Allstate by 613.9% during the 1st quarter. Boston Partners now owns 2,482,654 shares of the insurance provider's stock worth $512,627,000 after acquiring an additional 2,134,893 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Allstate by 25,026.1% during the 1st quarter. GAMMA Investing LLC now owns 1,273,895 shares of the insurance provider's stock worth $263,785,000 after acquiring an additional 1,268,825 shares in the last quarter. Castle Hook Partners LP grew its stake in shares of Allstate by 1,303.3% during the 4th quarter. Castle Hook Partners LP now owns 824,838 shares of the insurance provider's stock worth $159,021,000 after acquiring an additional 766,058 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Allstate by 261.6% in the fourth quarter. Mackenzie Financial Corp now owns 832,902 shares of the insurance provider's stock valued at $160,575,000 after purchasing an additional 602,533 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on ALL shares. Morgan Stanley increased their target price on shares of Allstate from $235.00 to $245.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. UBS Group boosted their price target on shares of Allstate from $230.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. BMO Capital Markets raised their price objective on Allstate from $230.00 to $235.00 and gave the company an "outperform" rating in a report on Wednesday. Wells Fargo & Company set a $202.00 target price on Allstate and gave the company an "equal weight" rating in a research report on Tuesday, August 5th. Finally, William Blair began coverage on Allstate in a report on Friday, June 6th. They set a "sector outperform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Allstate currently has a consensus rating of "Moderate Buy" and an average price target of $230.73.

Allstate Stock Performance

Allstate stock traded down $1.3910 during mid-day trading on Friday, hitting $205.1590. 1,278,371 shares of the company's stock traded hands, compared to its average volume of 1,547,023. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a 50 day simple moving average of $199.16 and a two-hundred day simple moving average of $199.01. The Allstate Corporation has a fifty-two week low of $176.00 and a fifty-two week high of $214.76. The stock has a market cap of $54.06 billion, a price-to-earnings ratio of 9.65, a P/E/G ratio of 0.84 and a beta of 0.35.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, beating the consensus estimate of $3.20 by $2.74. The firm had revenue of $15.05 billion for the quarter, compared to the consensus estimate of $16.59 billion. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.61 earnings per share. On average, research analysts expect that The Allstate Corporation will post 18.74 EPS for the current fiscal year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 29th. Allstate's dividend payout ratio is currently 18.81%.

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.