Congress Asset Management Co. Sells 2,589 Shares of The Allstate Co. (NYSE:ALL)

Congress Asset Management Co. trimmed its position in The Allstate Co. (NYSE:ALL - Free Report) by 2.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 86,523 shares of the insurance provider's stock after selling 2,589 shares during the period. Congress Asset Management Co.'s holdings in Allstate were worth $17,916,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ALL. Brighton Jones LLC grew its position in Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock worth $1,253,000 after purchasing an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in Allstate in the 4th quarter worth about $231,000. Stenger Family Office LLC bought a new stake in Allstate in the 4th quarter worth about $439,000. Mirae Asset Global Investments Co. Ltd. grew its position in Allstate by 38.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,632 shares of the insurance provider's stock worth $4,385,000 after purchasing an additional 6,235 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its position in shares of Allstate by 13.0% during the 4th quarter. Bleakley Financial Group LLC now owns 6,600 shares of the insurance provider's stock valued at $1,272,000 after acquiring an additional 760 shares during the period. 76.47% of the stock is owned by institutional investors.

Allstate Stock Up 0.7%

ALL opened at $208.10 on Friday. The Allstate Co. has a 12 month low of $156.66 and a 12 month high of $213.18. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The company has a market cap of $55.11 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.01 and a beta of 0.35. The company has a 50 day moving average of $199.59 and a 200 day moving average of $197.16.

Allstate (NYSE:ALL - Get Free Report) last posted 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). 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 analysts' expectations of $16.41 billion. During the same quarter in the prior year, the company earned $5.13 earnings per share. The business's revenue for the quarter was up 7.8% compared to the same quarter last year. On average, sell-side analysts expect that The Allstate Co. will post 18.74 EPS for the current year.

Allstate announced that its board has initiated a stock buyback program on Wednesday, February 26th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 9th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Monday, June 9th. Allstate's dividend payout ratio is presently 27.32%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. William Blair assumed coverage on shares of Allstate in a research report on Friday. They set a "sector outperform" rating for the company. Keefe, Bruyette & Woods increased their target price on shares of Allstate from $228.00 to $235.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Wells Fargo & Company reduced their target price on shares of Allstate from $200.00 to $197.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. Raymond James reissued a "strong-buy" rating and set a $250.00 target price (up from $240.00) on shares of Allstate in a research report on Monday, May 5th. Finally, Morgan Stanley increased their target price on shares of Allstate from $225.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, one has issued 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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