Zacks Research downgraded shares of Allstate (NYSE:ALL – Free Report) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks reports.
A number of other brokerages have also recently commented on ALL. JPMorgan Chase & Co. lifted their price target on Allstate from $282.00 to $292.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 11th. Raymond James Financial restated a “strong-buy” rating and issued a $315.00 price objective on shares of Allstate in a research note on Tuesday, August 11th. UBS Group upped their target price on Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Weiss Ratings raised shares of Allstate from a “buy (a-)” rating to a “buy (a)” rating in a research report on Wednesday, September 9th. Finally, Wells Fargo & Company cut shares of Allstate from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $243.00 to $250.00 in a research note on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $266.74.
View Our Latest Stock Analysis on Allstate
Allstate Stock Performance
Allstate (NYSE:ALL – Get Free Report) last released its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The company had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. During the same quarter in the previous year, the firm earned $5.94 EPS. Allstate’s revenue was up 11.8% compared to the same quarter last year. As a group, equities analysts anticipate that Allstate will post 35.5 EPS for the current fiscal year.
Allstate Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate’s payout ratio is 8.63%.
Insider Buying and Selling at Allstate
In related news, insider John Dugenske sold 32,996 shares of the stock in a transaction on Friday, August 7th. The shares were 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 of the company’s stock, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.55% of the company’s stock.
Hedge Funds Weigh In On Allstate
A number of large investors have recently bought and sold shares of ALL. Cornerstone Financial Management LLC increased its holdings in shares of Allstate by 24.9% in the 2nd quarter. Cornerstone Financial Management LLC now owns 226 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 45 shares during the period. Capital Advisors Inc. OK boosted its stake in Allstate by 2.6% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,827 shares of the insurance provider’s stock worth $435,000 after purchasing an additional 46 shares during the period. Coldstream Capital Management Inc. grew its position in Allstate by 0.6% during the 4th quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider’s stock worth $1,625,000 after purchasing an additional 50 shares during the last quarter. Natural Investments LLC grew its position in Allstate by 1.5% during the 2nd quarter. Natural Investments LLC now owns 3,327 shares of the insurance provider’s stock worth $791,000 after purchasing an additional 50 shares during the last quarter. Finally, Cullen Frost Bankers Inc. increased its stake in Allstate by 0.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider’s stock valued at $1,210,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 76.47% of the company’s stock.
About Allstate
Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.
Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.
Allstate’s roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.
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