Berger Financial Group Inc Buys 29,883 Shares of The Allstate Corporation (NYSE:ALL)

Key Points

• Berger Financial Group Inc significantly increased its stake in The Allstate Corporation by 1,649.2%, acquiring an additional 29,883 shares to reach a total of 31,695 shares valued at approximately $6.56 million.
• Several analysts have upgraded their price targets for Allstate, with UBS Group raising its target from $230 to $235 and Morgan Stanley increasing theirs from $235 to $245, reflecting a positive outlook for the company.
• Allstate recently announced a quarterly dividend of $1.00, set to be paid on October 1st, representing an annualized dividend yield of 1.9%.

Berger Financial Group Inc lifted its position in shares of The Allstate Corporation (NYSE:ALL - Free Report) by 1,649.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,695 shares of the insurance provider's stock after purchasing an additional 29,883 shares during the quarter. Berger Financial Group Inc's holdings in Allstate were worth $6,563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALL. Bank of America Corp DE boosted its position 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 purchasing an additional 4,035,629 shares in the last quarter. GAMMA Investing LLC lifted its position in Allstate by 25,026.1% in the 1st quarter. GAMMA Investing LLC now owns 1,273,895 shares of the insurance provider's stock valued at $263,785,000 after acquiring an additional 1,268,825 shares in the last quarter. Castle Hook Partners LP lifted its position in Allstate by 1,303.3% in the 4th quarter. Castle Hook Partners LP now owns 824,838 shares of the insurance provider's stock valued at $159,021,000 after acquiring an additional 766,058 shares in the last quarter. Menora Mivtachim Holdings LTD. bought a new stake in Allstate in the 4th quarter valued at $143,165,000. Finally, Mackenzie Financial Corp lifted its position in Allstate by 261.6% in the 4th quarter. Mackenzie Financial Corp now owns 832,902 shares of the insurance provider's stock valued at $160,575,000 after acquiring an additional 602,533 shares in the last quarter. 76.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ALL shares. Morgan Stanley boosted their price objective on shares of Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Wells Fargo & Company set a $202.00 price target on shares of Allstate and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. BMO Capital Markets reissued an "outperform" rating on shares of Allstate in a research report on Friday, May 16th. William Blair assumed coverage on shares of Allstate in a research note on Friday, June 6th. They set a "sector outperform" rating on the stock. Finally, Evercore ISI boosted their price objective on shares of Allstate from $227.00 to $230.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $229.20.

Allstate Trading Down 0.2%

Shares of ALL stock traded down $0.39 during trading hours on Monday, hitting $206.41. 843,787 shares of the company's stock traded hands, compared to its average volume of 1,717,777. The stock's 50 day simple moving average is $198.19 and its 200 day simple moving average is $198.09. The stock has a market cap of $54.39 billion, a PE ratio of 9.70, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. The Allstate Corporation has a 12 month low of $169.95 and a 12 month high of $213.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $2.74. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The firm had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $16.59 billion. During the same quarter last year, the firm earned $1.61 earnings per share. The company's revenue for the quarter was up 5.8% on a year-over-year basis. On average, sell-side 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 Wednesday, October 1st. Shareholders of record on Friday, August 29th will be paid 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 payout ratio is 18.81%.

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.