Convergence Financial LLC Sells 75 Shares of The Allstate Co. (NYSE:ALL)

Convergence Financial LLC cut its stake in shares of The Allstate Co. (NYSE:ALL) by 0.9% in the fourth quarter, HoldingsChannel reports. The fund owned 8,647 shares of the insurance provider’s stock after selling 75 shares during the period. Convergence Financial LLC’s holdings in Allstate were worth $1,667,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FSA Wealth Management LLC purchased a new position in shares of Allstate in the third quarter valued at about $26,000. Catalyst Capital Advisors LLC bought a new stake in Allstate during the 3rd quarter valued at approximately $29,000. Peoples Bank KS purchased a new position in Allstate in the 4th quarter worth approximately $49,000. Stonebridge Financial Group LLC bought a new position in Allstate in the 4th quarter worth approximately $53,000. Finally, Golden State Wealth Management LLC purchased a new stake in Allstate during the 4th quarter valued at approximately $57,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Jesse E. Merten sold 40,102 shares of Allstate stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 18,115 shares in the company, valued at $3,378,990.95. This trade represents a 68.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ALL shares. The Goldman Sachs Group upped their target price on shares of Allstate from $209.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Barclays cut their price objective on Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Wells Fargo & Company lifted their target price on Allstate from $186.00 to $187.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 14th. Keefe, Bruyette & Woods increased their price target on Allstate from $235.00 to $240.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. Finally, Morgan Stanley lifted their price objective on Allstate from $220.00 to $228.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $217.94.

Allstate Stock Performance

Shares of NYSE:ALL opened at $188.35 on Thursday. 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 Allstate Co. has a 12 month low of $153.87 and a 12 month high of $209.88. The company has a market capitalization of $49.87 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 1.01 and a beta of 0.52. The firm’s 50-day moving average is $190.05 and its 200 day moving average is $190.68.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, beating analysts’ consensus estimates of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. Research analysts predict that The Allstate Co. will post 18.74 EPS for the current year.

Allstate announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 26th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the insurance provider to buy up to 3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Allstate Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders 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 dividend yield of 2.12%. This is an increase from Allstate’s previous quarterly dividend of $0.92. Allstate’s dividend payout ratio (DPR) is 21.66%.

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.