Allstate Corporation (The) (ALL) Issues Earnings Results
Allstate Corporation (The) (NYSE:ALL) announced its quarterly earnings data on Wednesday. The insurance provider reported $1.60 EPS for the quarter, missing the Zacks’ consensus estimate of $1.61 by ($0.01), Briefing.com reports. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The firm had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.07 billion. During the same period last year, the business posted $1.26 EPS. The company’s revenue was up 3.2% on a year-over-year basis.
A number of equities research analysts have commented on the company. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research note on Thursday, August 17th. BidaskClub cut Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Deutsche Bank AG cut Allstate Corporation (The) from a “buy” rating to a “hold” rating and raised their price objective for the company from $90.00 to $96.00 in a research note on Tuesday, August 8th. Barclays PLC raised their price objective on Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, August 11th. Finally, UBS AG reissued a “neutral” rating and issued a $94.00 price objective (up previously from $86.00) on shares of Allstate Corporation (The) in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Allstate Corporation (The) has an average rating of “Hold” and a consensus target price of $91.62.
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In related news, CFO Steven E. Shebik sold 35,197 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 127,560 shares in the company, valued at approximately $12,026,356.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Susan L. Lees sold 12,288 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $94.09, for a total value of $1,156,177.92. Following the completion of the sale, the executive vice president now owns 73,511 shares in the company, valued at approximately $6,916,649.99. The disclosure for this sale can be found here. Insiders sold a total of 95,544 shares of company stock worth $9,017,568 in the last 90 days. 1.58% of the stock is currently owned by company insiders.
Allstate Corporation (The) declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 1st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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