Summit Financial Wealth Advisors LLC Purchases New Position in The Allstate Co. (NYSE:ALL)

Summit Financial Wealth Advisors LLC purchased a new stake in The Allstate Co. (NYSE:ALL) in the first quarter, Holdings Channel reports. The firm purchased 1,329 shares of the insurance provider’s stock, valued at approximately $230,000.

A number of other large investors have also recently modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Allstate during the first quarter worth $25,000. Private Wealth Management Group LLC purchased a new stake in Allstate during the fourth quarter worth $25,000. Rise Advisors LLC purchased a new stake in Allstate during the first quarter worth $26,000. Northwest Investment Counselors LLC purchased a new stake in Allstate during the first quarter worth $26,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in Allstate during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Stock Performance

ALL traded up $1.13 during midday trading on Monday, hitting $159.56. 1,278,737 shares of the company were exchanged, compared to its average volume of 1,582,485. The company’s 50 day simple moving average is $164.52 and its 200 day simple moving average is $160.93. The firm has a market capitalization of $42.11 billion, a price-to-earnings ratio of 35.29, a price-to-earnings-growth ratio of 1.86 and a beta of 0.48. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The Allstate Co. has a 1-year low of $100.57 and a 1-year high of $177.37.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $5.13 earnings per share for the quarter, topping the consensus estimate of $4.11 by $1.02. Allstate had a return on equity of 14.44% and a net margin of 2.31%. The company had revenue of $15.26 billion for the quarter, compared to the consensus estimate of $12.76 billion. During the same period last year, the firm earned ($1.30) EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, sell-side analysts predict that The Allstate Co. will post 12.15 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, May 31st were given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Friday, May 31st. Allstate’s dividend payout ratio (DPR) is presently 81.24%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ALL shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $194.00 price objective on shares of Allstate in a report on Friday. Morgan Stanley increased their price objective on Allstate from $187.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Roth Mkm increased their price objective on Allstate from $175.00 to $200.00 and gave the company a “buy” rating in a report on Monday, April 8th. Piper Sandler increased their price objective on Allstate from $172.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Finally, The Goldman Sachs Group increased their price objective on Allstate from $164.00 to $195.00 and gave the company a “buy” rating in a report on Monday, March 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $174.88.

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.