FineMark National Bank & Trust Increases Stake in The Allstate Co. (NYSE:ALL)

FineMark National Bank & Trust increased its position in shares of The Allstate Co. (NYSE:ALL) by 27.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,016 shares of the insurance provider’s stock after purchasing an additional 1,066 shares during the period. FineMark National Bank & Trust’s holdings in Allstate were worth $967,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Allstate by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 32,635,424 shares of the insurance provider’s stock valued at $6,291,783,000 after buying an additional 389,426 shares during the period. State Street Corp boosted its holdings in Allstate by 1.1% during the 3rd quarter. State Street Corp now owns 11,496,306 shares of the insurance provider’s stock valued at $2,190,758,000 after acquiring an additional 126,922 shares during the period. Geode Capital Management LLC grew its position in Allstate by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 6,228,581 shares of the insurance provider’s stock valued at $1,178,164,000 after acquiring an additional 74,537 shares during the last quarter. GQG Partners LLC increased its stake in Allstate by 64.1% in the fourth quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider’s stock worth $832,181,000 after purchasing an additional 1,685,694 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Allstate by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,834,172 shares of the insurance provider’s stock worth $353,610,000 after purchasing an additional 19,463 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Allstate

In other news, CFO Jesse E. Merten sold 40,102 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the sale, the chief financial officer now directly owns 18,115 shares of the company’s stock, valued at $3,378,990.95. The trade was a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ALL has been the subject of a number of research analyst reports. Barclays decreased their price objective on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a report on Monday, January 6th. Wells Fargo & Company increased their price objective on Allstate from $186.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 14th. Piper Sandler lifted their target price on Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Argus raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. Finally, Evercore ISI upgraded Allstate from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $217.94.

Allstate Price Performance

NYSE ALL opened at $208.14 on Wednesday. The Allstate Co. has a 12-month low of $156.66 and a 12-month high of $212.91. The firm’s fifty day simple moving average is $194.67 and its two-hundred day simple moving average is $193.43. 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 firm has a market capitalization of $55.16 billion, a P/E ratio of 12.25, a P/E/G ratio of 1.01 and a beta of 0.47.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. Analysts forecast that The Allstate Co. will post 18.74 EPS for the current fiscal year.

Allstate declared that its Board of Directors has authorized a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Allstate Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.92%. The ex-dividend date is Monday, March 10th. This is an increase from Allstate’s previous quarterly dividend of $0.92. Allstate’s payout ratio is currently 23.54%.

About Allstate

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.