Tritonpoint Wealth LLC Cuts Position in The Allstate Co. (NYSE:ALL)

Tritonpoint Wealth LLC lessened its holdings in The Allstate Co. (NYSE:ALL) by 9.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,915 shares of the insurance provider’s stock after selling 201 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Allstate were worth $398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Elevation Point Wealth Partners LLC purchased a new stake in Allstate in the first quarter worth about $606,000. Smithbridge Asset Management Inc. DE purchased a new stake in Allstate in the first quarter worth about $232,000. NorthCrest Asset Manangement LLC grew its holdings in Allstate by 9.5% in the first quarter. NorthCrest Asset Manangement LLC now owns 12,181 shares of the insurance provider’s stock worth $2,522,000 after purchasing an additional 1,060 shares during the period. Alpha Omega Wealth Management LLC grew its holdings in Allstate by 1.5% in the first quarter. Alpha Omega Wealth Management LLC now owns 9,561 shares of the insurance provider’s stock worth $1,980,000 after purchasing an additional 138 shares during the period. Finally, Donaldson Capital Management LLC grew its holdings in Allstate by 1.5% in the first quarter. Donaldson Capital Management LLC now owns 317,985 shares of the insurance provider’s stock worth $65,845,000 after purchasing an additional 4,805 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Barclays cut their price target on shares of Allstate from $183.00 to $172.00 and set an “underweight” rating on the stock in a report on Friday, April 11th. Wall Street Zen upgraded shares of Allstate from a “hold” rating to a “buy” rating in a report on Thursday, May 1st. Wells Fargo & Company cut their price target on shares of Allstate from $200.00 to $197.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 6th. Raymond James reiterated a “strong-buy” rating and set a $250.00 price target (up previously from $240.00) on shares of Allstate in a report on Monday, May 5th. Finally, JPMorgan Chase & Co. increased their price target on shares of Allstate from $217.00 to $222.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $225.20.

Allstate Trading Down 0.9%

Shares of Allstate stock opened at $198.61 on Friday. The company’s fifty day simple moving average is $200.21 and its 200-day simple moving average is $196.94. The stock has a market capitalization of $52.60 billion, a PE ratio of 11.69, a P/E/G ratio of 1.01 and a beta of 0.35. The Allstate Co. has a 1-year low of $156.66 and a 1-year high of $213.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40.

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

Allstate Dividend Announcement

The firm also recently declared 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. This represents a $4.00 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Monday, June 9th. Allstate’s dividend payout ratio is presently 27.32%.

Allstate declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 26th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.