Meridian Wealth Management LLC Makes New Investment in The Allstate Co. (NYSE:ALL)

Meridian Wealth Management LLC purchased a new stake in The Allstate Co. (NYSE:ALL) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,266 shares of the insurance provider’s stock, valued at approximately $240,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Northwest Investment Counselors LLC bought a new stake in Allstate in the third quarter worth about $28,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Allstate in the third quarter valued at $29,000. Versant Capital Management Inc boosted its position in shares of Allstate by 70.9% in the second quarter. Versant Capital Management Inc now owns 188 shares of the insurance provider’s stock worth $30,000 after buying an additional 78 shares during the period. Family Firm Inc. purchased a new position in shares of Allstate during the second quarter valued at $38,000. Finally, MCF Advisors LLC raised its position in Allstate by 33.9% during the second quarter. MCF Advisors LLC now owns 332 shares of the insurance provider’s stock valued at $53,000 after buying an additional 84 shares during the period. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Allstate from $220.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Piper Sandler lifted their price target on Allstate from $188.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Wells Fargo & Company increased their price objective on Allstate from $175.00 to $186.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. StockNews.com cut shares of Allstate from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 21st. Finally, TD Cowen increased their price target on shares of Allstate from $193.00 to $224.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $214.19.

Allstate Price Performance

Shares of NYSE:ALL opened at $202.14 on Tuesday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $191.64 and a 200 day moving average price of $178.11. The company has a market cap of $53.53 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.81 and a beta of 0.48. The Allstate Co. has a twelve month low of $134.17 and a twelve month high of $205.35.

Allstate (NYSE:ALL) last posted its quarterly earnings data on Wednesday, October 30th. The insurance provider reported $3.91 earnings per share for the quarter, beating the consensus estimate of $2.20 by $1.71. Allstate had a return on equity of 26.67% and a net margin of 6.77%. The company had revenue of $16.63 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same period in the prior year, the business earned $0.81 earnings per share. Allstate’s revenue for the quarter was up 14.7% compared to the same quarter last year. Research analysts predict that The Allstate Co. will post 16.07 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 29th will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.68 annualized dividend and a dividend yield of 1.82%. Allstate’s payout ratio is 23.83%.

Insider Activity

In related news, insider John E. Dugenske sold 36,367 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $191.38, for a total transaction of $6,959,916.46. Following the transaction, the insider now directly owns 27,364 shares in the company, valued at $5,236,922.32. The trade was a 57.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is owned by company insiders.

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.