Allstate (NYSE:ALL) Shares Gap Down – Time to Sell?

Shares of The Allstate Corporation (NYSE:ALL) gapped down prior to trading on Wednesday . The stock had previously closed at $250.35, but opened at $241.13. Allstate shares last traded at $237.4690, with a volume of 345,709 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALL. UBS Group downgraded Allstate from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $255.00 to $261.00 in a research note on Wednesday. Keefe, Bruyette & Woods increased their price objective on shares of Allstate from $242.00 to $255.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Zacks Research cut shares of Allstate from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Raymond James Financial lifted their target price on shares of Allstate from $260.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 6th. Finally, Wall Street Zen downgraded shares of Allstate from a “buy” rating to a “hold” rating in a report on Sunday. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Allstate presently has an average rating of “Moderate Buy” and a consensus price target of $249.58.

Allstate Trading Down 4.0%

The business has a 50-day moving average of $225.57 and a 200 day moving average of $213.66. The stock has a market cap of $61.88 billion, a PE ratio of 5.30, a PEG ratio of 0.45 and a beta of 0.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same period in the prior year, the firm earned $3.53 EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. Equities research analysts predict that The Allstate Corporation will post 29.99 EPS for the current fiscal year.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 annualized dividend and a dividend yield of 1.8%. Allstate’s dividend payout ratio is presently 9.53%.

Insider Buying and Selling

In other Allstate news, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the sale, the director directly owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the transaction, the chief operating officer owned 82,227 shares of the company’s stock, valued at $17,991,267.60. This trade represents a 18.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 22,353 shares of company stock worth $4,851,560. 1.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Allstate

Institutional investors have recently added to or reduced their stakes in the business. Tema ETFs LLC lifted its position in Allstate by 24.3% during the second quarter. Tema ETFs LLC now owns 4,867 shares of the insurance provider’s stock worth $1,158,000 after buying an additional 951 shares during the period. William Mack & Associates Inc. purchased a new stake in Allstate in the 2nd quarter valued at about $227,000. Paladin Wealth LLC acquired a new position in shares of Allstate during the 2nd quarter valued at about $206,000. Revolve Wealth Partners LLC increased its stake in shares of Allstate by 14.1% during the 2nd quarter. Revolve Wealth Partners LLC now owns 1,151 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 142 shares during the last quarter. Finally, Allied Private Wealth LLC purchased a new position in shares of Allstate during the 2nd quarter worth about $29,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Company Profile

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.