Zacks Investment Research upgraded shares of Allstate (NYSE:ALL) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $92.00 target price on the insurance provider’s stock.
According to Zacks, “Allstate Corporation is poised to grow on the back of its well-performing property and liability segment. A number of initiatives undertaken by Allstate to improve profitability in the auto segment will also drive long-term growth. A strong balance sheet and intelligent capital management are other positives. The acquisition of SquareTrade and InfoArmor will diversify its operations in the months ahead. However, shares of the company have lost more than its industry in a year’s time. Allstate is exposed to catastrophe losses, owing to the large property insurance business. The underperforming Encompass brand is another drag. Escalating expenses due to constant investments also remain a concern for the company. “
Several other brokerages also recently issued reports on ALL. Wells Fargo & Co set a $100.00 price target on shares of Allstate and gave the stock a hold rating in a report on Thursday, October 18th. Citigroup set a $115.00 price objective on Allstate and gave the company a buy rating in a report on Friday, October 12th. Morgan Stanley decreased their price objective on Allstate from $105.00 to $102.00 and set a hold rating for the company in a report on Wednesday, November 14th. Bank of America decreased their price objective on Allstate from $113.00 to $110.00 and set a buy rating for the company in a report on Friday, November 2nd. Finally, ValuEngine downgraded Allstate from a hold rating to a sell rating in a report on Thursday, November 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Allstate presently has a consensus rating of Hold and an average target price of $99.27.
Shares of NYSE:ALL opened at $83.45 on Tuesday. The firm has a market cap of $28.64 billion, a PE ratio of 12.44, a P/E/G ratio of 1.09 and a beta of 0.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.26 and a quick ratio of 0.26. Allstate has a 52-week low of $77.00 and a 52-week high of $104.47.
Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, October 31st. The insurance provider reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.21 by ($0.28). The company had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.51 billion. Allstate had a return on equity of 15.48% and a net margin of 9.38%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $1.60 earnings per share. On average, sell-side analysts anticipate that Allstate will post 8.27 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Shareholders of record on Friday, November 30th were issued a dividend of $0.46 per share. The ex-dividend date was Thursday, November 29th. This represents a $1.84 dividend on an annualized basis and a yield of 2.20%. Allstate’s payout ratio is currently 27.42%.
In other Allstate news, EVP Jesse E. Merten sold 696 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $92.12, for a total transaction of $64,115.52. Following the completion of the sale, the executive vice president now directly owns 2,102 shares in the company, valued at approximately $193,636.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.40% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Allstate during the 3rd quarter worth about $110,000. IMS Capital Management bought a new position in shares of Allstate during the 3rd quarter worth about $114,000. Stelac Advisory Services LLC bought a new position in shares of Allstate during the 3rd quarter worth about $128,000. O Shaughnessy Asset Management LLC boosted its position in shares of Allstate by 1,316.0% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 1,331 shares of the insurance provider’s stock worth $131,000 after purchasing an additional 1,237 shares in the last quarter. Finally, Denali Advisors LLC bought a new position in shares of Allstate during the 3rd quarter worth about $158,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.
The Allstate Corporation, together with its subsidiaries, engages in property and casualty insurance, and life insurance businesses in the United States and Canada. The company's Allstate Protection segment sells private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products, including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
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