Summit Global Investments Sells 34,868 Shares of The Allstate Co. (NYSE:ALL)

Summit Global Investments cut its holdings in The Allstate Co. (NYSE:ALL - Free Report) by 59.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,097 shares of the insurance provider's stock after selling 34,868 shares during the period. Summit Global Investments' holdings in Allstate were worth $4,990,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. VSM Wealth Advisory LLC bought a new position in shares of Allstate in the fourth quarter valued at approximately $25,000. Twin Tree Management LP bought a new position in Allstate during the fourth quarter valued at $27,000. Vision Financial Markets LLC bought a new position in Allstate during the fourth quarter valued at $29,000. Hopwood Financial Services Inc. bought a new position in Allstate during the fourth quarter valued at $29,000. Finally, Kapitalo Investimentos Ltda bought a new position in Allstate during the fourth quarter valued at $29,000. 76.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on ALL. Evercore ISI increased their price objective on Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Barclays reduced their price objective on Allstate from $183.00 to $172.00 and set an "underweight" rating for the company in a report on Friday, April 11th. Morgan Stanley increased their price objective on Allstate from $225.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. BMO Capital Markets restated an "outperform" rating on shares of Allstate in a research report on Friday, May 16th. Finally, Wells Fargo & Company dropped their target price on Allstate from $200.00 to $197.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $225.20.

Allstate Price Performance

Shares of ALL stock traded up $2.89 on Friday, reaching $209.65. The company's stock had a trading volume of 2,491,873 shares, compared to its average volume of 1,609,779. The company has a quick ratio of 0.40, a current ratio of 0.36 and a debt-to-equity ratio of 0.42. The Allstate Co. has a 12-month low of $156.66 and a 12-month high of $212.91. The company has a market capitalization of $55.52 billion, a P/E ratio of 12.34, a PEG ratio of 1.01 and a beta of 0.32. The stock's 50 day simple moving average is $199.47 and its 200-day simple moving average is $196.76.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share for the quarter, missing analysts' consensus estimates of $3.98 by ($0.45). Allstate had a net margin of 7.28% and a return on equity of 28.20%. The firm had revenue of $14.30 billion for the quarter, compared to analysts' expectations of $16.41 billion. During the same quarter in the previous year, the business earned $5.13 EPS. The company's revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities analysts predict that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

Allstate declared that its Board of Directors has initiated a share buyback plan 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 plans are usually a sign that the company's management believes its shares are undervalued.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 9th will be paid a dividend of $1.00 per share. The ex-dividend date is Monday, June 9th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.91%. Allstate's dividend payout ratio (DPR) is currently 27.32%.

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.