Allstate Corporation (The) (ALL) Raised to Hold at Zacks Investment Research
Allstate Corporation (The) (NYSE:ALL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Allstate’s third-quarter 2017 earnings beat the Zacks Consensus Estimate on increased premium from the Property-Liability segment, higher premium and contract charges from the Allstate Financial segment and an increase in investment income. Wider weather-related loss acted as a dampener. 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. Its shares have outperformed the industry, year to date. The acquisition of SquareTrade will diversify the company's operations. Allstate is nevertheless faced with exposure to catastrophe losses, owing to its large property insurance business. The underperforming brand Encompass is another drag.”
ALL has been the subject of several other research reports. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research report on Tuesday, August 1st. BidaskClub cut shares of Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. 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 report on Thursday, July 6th. Credit Suisse Group upped their price objective on shares of Allstate Corporation (The) from $91.00 to $95.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, UBS AG restated a “neutral” rating and issued a $94.00 price objective (up from $86.00) on shares of Allstate Corporation (The) in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $92.31.
Allstate Corporation (The) (NYSE:ALL) last issued its quarterly earnings data on Wednesday, November 1st. The insurance provider reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.01). The business had revenue of $8.12 billion for the quarter, compared to analyst estimates of $8.07 billion. Allstate Corporation (The) had a net margin of 7.32% and a return on equity of 13.29%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 earnings per share.
Allstate Corporation (The) declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to repurchase up to 63% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In other Allstate Corporation (The) news, President Matthew E. Winter sold 48,059 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $94.53, for a total transaction of $4,543,017.27. The transaction was disclosed in a 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 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 $12,026,356.80. The disclosure for this sale can be found here. Company insiders own 1.58% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Allstate Corporation (The) by 2,743.3% during the 1st quarter. BlackRock Inc. now owns 26,458,327 shares of the insurance provider’s stock worth $2,156,089,000 after purchasing an additional 25,527,763 shares during the period. Standard Life Investments LTD boosted its position in Allstate Corporation (The) by 556.2% during the second quarter. Standard Life Investments LTD now owns 3,243,360 shares of the insurance provider’s stock valued at $226,857,000 after purchasing an additional 2,749,105 shares during the last quarter. Boston Partners boosted its position in Allstate Corporation (The) by 44.9% during the fourth quarter. Boston Partners now owns 7,824,917 shares of the insurance provider’s stock valued at $485,849,000 after purchasing an additional 2,424,330 shares during the last quarter. Appaloosa Management LP increased its stake in shares of Allstate Corporation (The) by 367.3% in the fourth quarter. Appaloosa Management LP now owns 2,920,987 shares of the insurance provider’s stock worth $181,364,000 after purchasing an additional 2,295,903 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Allstate Corporation (The) by 4,753.8% during the second quarter. Janus Henderson Group PLC now owns 2,296,651 shares of the insurance provider’s stock valued at $203,116,000 after acquiring an additional 2,249,334 shares during the period. 76.75% of the stock is owned by hedge funds and other institutional investors.
About Allstate Corporation (The)
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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