Grove Bank & Trust Acquires 1,287 Shares of The Allstate Corporation (NYSE:ALL)

Grove Bank & Trust increased its stake in The Allstate Corporation (NYSE:ALL - Free Report) by 170.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,042 shares of the insurance provider's stock after acquiring an additional 1,287 shares during the period. Grove Bank & Trust's holdings in Allstate were worth $423,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. VSM Wealth Advisory LLC purchased a new stake in Allstate during the 4th quarter valued at $25,000. Twin Tree Management LP bought a new position in Allstate during the fourth quarter valued at $27,000. Vision Financial Markets LLC purchased a new stake in shares of Allstate in the fourth quarter valued at $29,000. Hopwood Financial Services Inc. purchased a new stake in shares of Allstate in the fourth quarter valued at $29,000. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Allstate in the 4th quarter worth about $29,000. 76.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. BMO Capital Markets reaffirmed an "outperform" rating on shares of Allstate in a research note on Friday, May 16th. Evercore ISI upped their price objective on Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their target price on Allstate from $217.00 to $222.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods boosted their target price on shares of Allstate from $228.00 to $235.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company reduced their price target on shares of Allstate from $200.00 to $197.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Allstate has an average rating of "Moderate Buy" and a consensus target price of $225.20.

Allstate Stock Performance

Shares of ALL opened at $198.15 on Wednesday. The stock has a fifty day moving average price of $200.62 and a 200-day moving average price of $196.81. The Allstate Corporation has a 12 month low of $156.87 and a 12 month high of $213.18. The firm has a market cap of $52.47 billion, a PE ratio of 13.53, a P/E/G ratio of 1.04 and a beta of 0.35. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $14.30 billion for the quarter, compared to analyst estimates of $16.41 billion. Allstate had a net margin of 6.19% and a return on equity of 24.62%. The business's revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $5.13 EPS. Equities research analysts predict that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 9th. This represents a $4.00 dividend on an annualized basis and a yield of 2.02%. Allstate's dividend payout ratio is presently 27.32%.

Allstate announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

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.

Want to see what other hedge funds are holding ALL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Allstate Corporation (NYSE:ALL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.