Allstate Corporation (The) (NYSE:ALL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Shares of Allstate have underperformed the industry in last six months. The company is faced with exposure to catastrophe losses, owing to its large property insurance business, which imparts volatiliy to its earnings. Its underperforming brand Encompass is another drag. The company is poised to grow on the back of its well-performing property and liability segment. A number of initiatives undertaken to improve profitability in the auto segment will drive long-term growth. A strong balance sheet and intelligent capital management are the other positives. The acquisition of SquareTrade will diversify the company's operations.”

ALL has been the topic of several other reports. Barclays PLC upped their price objective on Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. Citigroup Inc. upped their price objective on Allstate Corporation (The) from $97.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. Deutsche Bank AG downgraded Allstate Corporation (The) from a “buy” rating to a “hold” rating and upped their price objective for the company from $90.00 to $96.00 in a research report on Tuesday, August 8th. Morgan Stanley restated an “equal weight” rating and issued a $91.00 price objective (up from $85.00) on shares of Allstate Corporation (The) in a research report on Thursday, July 6th. Finally, BidaskClub downgraded Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $90.50.

Allstate Corporation (NYSE:ALL) traded up 0.14% on Tuesday, hitting $93.33. The stock had a trading volume of 1,716,122 shares. Allstate Corporation has a one year low of $66.55 and a one year high of $95.25. The stock’s 50 day moving average is $91.09 and its 200 day moving average is $87.87. The stock has a market cap of $33.73 billion, a price-to-earnings ratio of 13.79 and a beta of 1.08.

Allstate Corporation (The) (NYSE:ALL) last issued its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The business had revenue of $8.02 billion for the quarter, compared to the consensus estimate of $7.99 billion. During the same period in the prior year, the business earned $0.62 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Analysts anticipate that Allstate Corporation will post $5.93 earnings per share for the current year.

Allstate Corporation (The) declared that its board has authorized a stock buyback program on Tuesday, August 1st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 63% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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In other news, CFO Steven E. Shebik sold 35,197 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $94.28, for a total value of $3,318,373.16. Following the transaction, the chief financial officer now directly owns 127,560 shares in the company, valued at approximately $12,026,356.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Matthew E. Winter sold 48,059 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $94.53, for a total value of $4,543,017.27. The disclosure for this sale can be found here. Insiders have sold 143,602 shares of company stock worth $13,272,624 over the last quarter. 1.58% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp purchased a new position in shares of Allstate Corporation (The) in the 2nd quarter worth about $1,671,000. State of Tennessee Treasury Department raised its holdings in shares of Allstate Corporation (The) by 16.7% in the 2nd quarter. State of Tennessee Treasury Department now owns 593,694 shares of the insurance provider’s stock worth $52,506,000 after purchasing an additional 85,026 shares during the period. State Street Corp raised its holdings in shares of Allstate Corporation (The) by 3.0% in the 1st quarter. State Street Corp now owns 18,074,304 shares of the insurance provider’s stock worth $1,472,962,000 after purchasing an additional 530,591 shares during the period. Park National Corp OH raised its holdings in shares of Allstate Corporation (The) by 1.7% in the 2nd quarter. Park National Corp OH now owns 15,576 shares of the insurance provider’s stock worth $1,378,000 after purchasing an additional 256 shares during the period. Finally, Westpac Banking Corp raised its holdings in shares of Allstate Corporation (The) by 7.0% in the 1st quarter. Westpac Banking Corp now owns 236,644 shares of the insurance provider’s stock worth $18,726,000 after purchasing an additional 15,508 shares during the period. Institutional investors own 76.12% of the company’s stock.

Allstate Corporation (The) Company Profile

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

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Analyst Recommendations for Allstate Corporation (The) (NYSE:ALL)

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