Cibc World Markets Corp Acquires 193,385 Shares of The Allstate Co. (NYSE:ALL)

Cibc World Markets Corp increased its holdings in The Allstate Co. (NYSE:ALL) by 377.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 244,567 shares of the insurance provider’s stock after purchasing an additional 193,385 shares during the period. Cibc World Markets Corp owned approximately 0.09% of Allstate worth $47,150,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ALL. FSA Wealth Management LLC bought a new stake in shares of Allstate in the 3rd quarter worth about $26,000. Twin Tree Management LP bought a new stake in shares of Allstate in the 4th quarter valued at approximately $27,000. Vision Financial Markets LLC purchased a new position in shares of Allstate in the 4th quarter worth approximately $29,000. Hopwood Financial Services Inc. bought a new position in shares of Allstate during the 4th quarter valued at approximately $29,000. Finally, Peoples Bank KS purchased a new stake in Allstate during the 4th quarter valued at $49,000. Institutional investors own 76.47% of the company’s stock.

Insider Buying and Selling

In other news, CFO Jesse E. Merten sold 40,102 shares of the company’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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ALL. Piper Sandler boosted their price objective on shares of Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Wells Fargo & Company upped their price target on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, January 14th. Barclays cut their price objective on Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a report on Monday, March 3rd. Finally, Evercore ISI upgraded shares of Allstate from an “in-line” rating to an “outperform” rating in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $217.94.

Allstate Stock Performance

Shares of NYSE ALL opened at $207.68 on Monday. The stock has a market cap of $55.04 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.01 and a beta of 0.47. The Allstate Co. has a 12 month low of $156.66 and a 12 month high of $209.88. The company has a 50 day simple moving average of $191.72 and a two-hundred day simple moving average of $192.47. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42.

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

Allstate announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 26th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the insurance provider to buy up to 3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Allstate Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be paid a dividend of $1.00 per share. This is a positive change from Allstate’s previous quarterly dividend of $0.92. This represents a $4.00 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Monday, March 10th. Allstate’s payout ratio is 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.