Beacon Harbor Wealth Advisors Inc. Makes New $6 Million Investment in The Allstate Co. (NYSE:ALL)

Beacon Harbor Wealth Advisors Inc. bought a new position in shares of The Allstate Co. (NYSE:ALL) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 31,129 shares of the insurance provider’s stock, valued at approximately $6,001,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Apella Capital LLC grew its holdings in Allstate by 1.9% during the 4th quarter. Apella Capital LLC now owns 3,231 shares of the insurance provider’s stock worth $623,000 after acquiring an additional 60 shares during the last quarter. Avior Wealth Management LLC grew its holdings in Allstate by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 1,329 shares of the insurance provider’s stock worth $252,000 after acquiring an additional 62 shares during the last quarter. Perigon Wealth Management LLC boosted its stake in shares of Allstate by 2.1% in the 4th quarter. Perigon Wealth Management LLC now owns 2,990 shares of the insurance provider’s stock valued at $571,000 after purchasing an additional 62 shares during the last quarter. Mather Group LLC. boosted its stake in shares of Allstate by 1.7% in the 4th quarter. Mather Group LLC. now owns 3,616 shares of the insurance provider’s stock valued at $697,000 after purchasing an additional 62 shares during the last quarter. Finally, Angeles Wealth Management LLC boosted its stake in shares of Allstate by 4.6% in the 4th quarter. Angeles Wealth Management LLC now owns 1,403 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 62 shares during the last quarter. 76.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ALL has been the topic of a number of analyst reports. Morgan Stanley upped their price objective on shares of Allstate from $220.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Piper Sandler upped their price objective on shares of Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Wells Fargo & Company upped their price objective on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. Evercore ISI raised shares of Allstate from an “in-line” rating to an “outperform” rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group upped their price objective on shares of Allstate from $209.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $217.94.

Allstate Stock Performance

ALL opened at $199.65 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 company’s fifty day moving average price is $190.58 and its two-hundred day moving average price is $191.47. The Allstate Co. has a 1-year low of $154.76 and a 1-year high of $209.88. The company has a market cap of $52.91 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.01 and a beta of 0.52.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share 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%. On average, analysts expect that The Allstate Co. will post 18.74 EPS for the current fiscal year.

Allstate Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a dividend of $1.00 per share. This is an increase from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.00 annualized dividend and a yield of 2.00%. Allstate’s dividend payout ratio is presently 23.54%.

Allstate announced that its Board of Directors has approved a stock buyback 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 an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other 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 sale, the chief financial officer now owns 18,115 shares in the company, valued at $3,378,990.95. This represents a 68.88 % decrease in their ownership of the stock. The sale 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.