Morey & Quinn Wealth Partners LLC Invests $1.96 Million in The Allstate Co. (NYSE:ALL)

Morey & Quinn Wealth Partners LLC purchased a new stake in The Allstate Co. (NYSE:ALL) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,138 shares of the insurance provider’s stock, valued at approximately $1,955,000. Allstate makes up about 1.7% of Morey & Quinn Wealth Partners LLC’s portfolio, making the stock its 13th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings 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 in the last quarter. State Street Corp grew its stake 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Allstate by 1.2% in the third quarter. Geode Capital Management LLC now owns 6,228,581 shares of the insurance provider’s stock worth $1,178,164,000 after purchasing an additional 74,537 shares in the last quarter. GQG Partners LLC boosted its holdings in shares of Allstate by 64.1% during 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 position in Allstate by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,834,172 shares of the insurance provider’s stock valued at $353,610,000 after purchasing an additional 19,463 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Allstate Price Performance

Shares of Allstate stock opened at $208.14 on Wednesday. The firm has a fifty day moving average price of $194.67 and a two-hundred day moving average price of $193.43. The Allstate Co. has a fifty-two week low of $156.66 and a fifty-two week high of $212.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40. The company has a market cap of $55.16 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47.

Allstate (NYSE:ALL) last issued its quarterly 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 expect that The Allstate Co. will post 18.74 EPS for the current year.

Allstate Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.92%. The ex-dividend date is Monday, March 10th. This is a positive change from Allstate’s previous quarterly dividend of $0.92. Allstate’s payout ratio is 23.54%.

Allstate declared that its Board of Directors has initiated a share buyback program on Wednesday, February 26th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the insurance provider to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

ALL has been the topic of a number of research reports. Barclays dropped their price target on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. Piper Sandler raised their price target on Allstate from $206.00 to $244.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Wells Fargo & Company boosted their price target on Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. Argus raised shares of Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Allstate from $235.00 to $240.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Allstate has a consensus rating of “Moderate Buy” and an average price target of $217.94.

Insider Activity

In related news, CFO Jesse E. Merten sold 40,102 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $186.53, for a total value of $7,480,226.06. Following the completion of the transaction, the chief financial officer now owns 18,115 shares of the company’s stock, valued at $3,378,990.95. This represents a 68.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

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.