Allstate (NYSE:ALL – Get Free Report)‘s stock had its “underperform” rating reissued by equities researchers at Keefe, Bruyette & Woods in a report released on Thursday,Benzinga reports. They currently have a $250.00 target price on the insurance provider’s stock, down from their prior target price of $255.00. Keefe, Bruyette & Woods’ target price points to a potential downside of 3.94% from the stock’s previous close.
ALL has been the topic of several other reports. Evercore set a $240.00 price target on Allstate in a research report on Friday, July 10th. Morgan Stanley set a $265.00 price objective on Allstate in a research report on Tuesday, August 11th. Cantor Fitzgerald boosted their target price on shares of Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Mizuho increased their price target on shares of Allstate from $255.00 to $272.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Finally, Barclays lifted their target price on shares of Allstate from $213.00 to $226.00 and gave the company an “underweight” rating in a report on Thursday, August 6th. Four analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $265.26.
Read Our Latest Stock Report on Allstate
Allstate Price Performance
Allstate (NYSE:ALL – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating the consensus estimate of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $18.60 billion for the quarter, compared to analysts’ expectations of $15.46 billion. During the same period in the previous year, the firm posted $5.94 EPS. The business’s revenue was up 11.8% on a year-over-year basis. On average, sell-side analysts forecast that Allstate will post 34.5 EPS for the current year.
Insider Activity
In other Allstate news, insider John E. Dugenske sold 32,996 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the sale, the insider directly owned 13,054 shares in the company, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at $5,959,968.66. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 92,996 shares of company stock worth $24,543,894 over the last three months. 1.55% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Allstate
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Allstate by 5.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock worth $112,533,000 after acquiring an additional 26,586 shares during the period. Strategic Global Advisors LLC lifted its holdings in Allstate by 19.2% in the fourth quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider’s stock valued at $10,175,000 after acquiring an additional 7,870 shares during the period. Elevation Point Wealth Partners LLC boosted its position in Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider’s stock worth $4,016,000 after purchasing an additional 10,936 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Allstate by 69.2% during the 4th quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider’s stock valued at $13,116,000 after purchasing an additional 25,764 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Allstate by 8.1% during the 1st quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock valued at $1,640,748,000 after purchasing an additional 596,321 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.
About Allstate
Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.
The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.
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