$1.09 EPS Expected for Allstate Corp (ALL) This Quarter
Analysts forecast that Allstate Corp (NYSE:ALL) will report $1.09 earnings per share for the current quarter, Zacks reports. Three analysts have made estimates for Allstate Corp’s earnings, with the highest EPS estimate coming in at $1.36 and the lowest estimate coming in at $0.95. Allstate Corp reported earnings per share of $1.26 during the same quarter last year, which suggests a negative year-over-year growth rate of 13.5%. The firm is scheduled to report its next quarterly earnings results after the market closes on Wednesday, November 1st.
On average, analysts expect that Allstate Corp will report full year earnings of $6.19 per share for the current financial year, with EPS estimates ranging from $5.95 to $6.65. For the next financial year, analysts forecast that the firm will post earnings of $7.02 per share, with EPS estimates ranging from $5.97 to $7.50. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow Allstate Corp.
Allstate Corp (NYSE:ALL) last announced its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.48. Allstate Corp had a net margin of 6.01% and a return on equity of 11.26%. The company had revenue of $8.02 billion during the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter in the prior year, the company posted $0.62 EPS. The business’s revenue was up 2.6% on a year-over-year basis.
ALL has been the subject of a number of recent research reports. Barclays PLC reduced their target price on shares of Allstate Corp from $101.00 to $92.00 and set an “overweight” rating for the company in a research report on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $91.00 target price (up previously from $85.00) on shares of Allstate Corp in a research report on Thursday, July 6th. BidaskClub cut shares of Allstate Corp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Citigroup Inc. boosted their price target on Allstate Corp from $97.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Allstate Corp in a research note on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $91.62.
Allstate Corp (ALL) opened at 94.07 on Tuesday. The stock has a 50 day moving average of $92.12 and a 200-day moving average of $89.04. Allstate Corp has a 52 week low of $66.55 and a 52 week high of $95.25. The firm has a market cap of $33.99 billion, a PE ratio of 13.90 and a beta of 1.08.
Allstate Corp declared that its Board of Directors has approved a stock buyback program on Tuesday, August 1st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other Allstate Corp news, EVP Susan L. Lees sold 12,288 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $94.09, for a total transaction of $1,156,177.92. Following the completion of the transaction, the executive vice president now owns 73,511 shares of the company’s stock, valued at $6,916,649.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Steven E. Shebik sold 35,197 shares of the business’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 of the company’s stock, valued at approximately $12,026,356.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,544 shares of company stock valued at $9,017,568. Insiders own 1.58% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Arrow Financial Corp increased its stake in shares of Allstate Corp by 100.0% in the third quarter. Arrow Financial Corp now owns 1,106 shares of the insurance provider’s stock valued at $102,000 after buying an additional 553 shares during the period. Sandy Spring Bank increased its stake in shares of Allstate Corp by 2.5% in the second quarter. Sandy Spring Bank now owns 1,165 shares of the insurance provider’s stock valued at $103,000 after buying an additional 28 shares during the period. Jackson Grant Investment Advisers Inc. increased its stake in shares of Allstate Corp by 0.4% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,216 shares of the insurance provider’s stock valued at $108,000 after buying an additional 5 shares during the period. IHT Wealth Management LLC increased its stake in shares of Allstate Corp by 46.6% in the second quarter. IHT Wealth Management LLC now owns 1,275 shares of the insurance provider’s stock valued at $113,000 after buying an additional 405 shares during the period. Finally, Baker Ellis Asset Management LLC acquired a new position in shares of Allstate Corp in the third quarter valued at approximately $120,000. 76.75% of the stock is owned by hedge funds and other institutional investors.
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About Allstate Corp
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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