Brokers Offer Predictions for The Allstate Co.’s Q1 2024 Earnings (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Investment analysts at Zacks Research increased their Q1 2024 earnings per share estimates for Allstate in a report issued on Wednesday, April 24th. Zacks Research analyst D. Chatterjee now forecasts that the insurance provider will earn $2.77 per share for the quarter, up from their previous estimate of $2.76. The consensus estimate for Allstate’s current full-year earnings is $13.44 per share. Zacks Research also issued estimates for Allstate’s Q3 2024 earnings at $2.79 EPS, Q1 2025 earnings at $3.74 EPS, Q1 2026 earnings at $3.73 EPS and FY2026 earnings at $17.32 EPS.

Allstate (NYSE:ALL) last announced its earnings results on Thursday, February 8th. The insurance provider reported $5.82 EPS for the quarter, topping the consensus estimate of $3.87 by $1.95. The company had revenue of $14.83 billion for the quarter, compared to analysts’ expectations of $12.69 billion. Allstate had a positive return on equity of 2.67% and a negative net margin of 0.33%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.36) earnings per share.

Several other analysts have also recently commented on ALL. Raymond James increased their target price on Allstate from $155.00 to $180.00 and gave the stock a “strong-buy” rating in a report on Monday, January 22nd. TD Cowen began coverage on Allstate in a report on Wednesday, January 10th. They issued an “outperform” rating and a $193.00 price target on the stock. BMO Capital Markets raised their price target on Allstate from $140.00 to $158.00 and gave the company a “market perform” rating in a report on Friday, January 19th. Evercore ISI raised their price target on Allstate from $166.00 to $173.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Finally, HSBC upgraded Allstate from a “hold” rating to a “buy” rating and raised their price target for the company from $158.00 to $190.00 in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Allstate presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.71.

Allstate Price Performance

Shares of ALL stock opened at $172.27 on Thursday. The stock’s fifty day moving average is $164.72 and its 200-day moving average is $148.59. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a market capitalization of $45.32 billion, a PE ratio of -138.93, a PEG ratio of 0.43 and a beta of 0.52. Allstate has a 52 week low of $100.57 and a 52 week high of $176.93.

Institutional Investors Weigh In On Allstate

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its position in Allstate by 2.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 48,975 shares of the insurance provider’s stock valued at $8,473,000 after buying an additional 1,108 shares during the last quarter. Leavell Investment Management Inc. acquired a new position in shares of Allstate during the 1st quarter worth approximately $213,000. Patton Albertson Miller Group LLC increased its position in shares of Allstate by 5.2% during the 1st quarter. Patton Albertson Miller Group LLC now owns 35,678 shares of the insurance provider’s stock worth $6,173,000 after purchasing an additional 1,772 shares during the last quarter. Simplicity Wealth LLC acquired a new position in shares of Allstate during the 1st quarter worth approximately $947,000. Finally, GDS Wealth Management increased its position in shares of Allstate by 9.6% during the 1st quarter. GDS Wealth Management now owns 74,649 shares of the insurance provider’s stock worth $12,915,000 after purchasing an additional 6,542 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Insider Transactions at Allstate

In other news, insider John E. Dugenske sold 31,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the sale, the insider now owns 63,731 shares of the company’s stock, valued at $10,847,016.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider John E. Dugenske sold 31,000 shares of Allstate stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total value of $5,276,200.00. Following the sale, the insider now owns 63,731 shares of the company’s stock, valued at approximately $10,847,016.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO John C. Pintozzi sold 4,000 shares of Allstate stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the sale, the chief accounting officer now directly owns 10,736 shares in the company, valued at approximately $1,712,069.92. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Allstate Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 4th were given a dividend of $0.92 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.14%. This is a positive change from Allstate’s previous quarterly dividend of $0.89. Allstate’s dividend payout ratio (DPR) is currently -296.77%.

Allstate Company 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.