Allstate (NYSE:ALL) Sets New 1-Year High After Analyst Upgrade

Shares of The Allstate Co. (NYSE:ALL) hit a new 52-week high during mid-day trading on Tuesday after TD Cowen raised their price target on the stock from $193.00 to $224.00. TD Cowen currently has a buy rating on the stock. Allstate traded as high as $191.00 and last traded at $191.00, with a volume of 309477 shares traded. The stock had previously closed at $188.94.

A number of other equities research analysts have also recently commented on the company. Keefe, Bruyette & Woods increased their target price on Allstate from $199.00 to $208.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Wells Fargo & Company lowered their target price on Allstate from $177.00 to $175.00 and set an “equal weight” rating on the stock in a report on Friday, August 16th. Morgan Stanley lowered their target price on Allstate from $205.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. StockNews.com cut Allstate from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 21st. Finally, BMO Capital Markets raised their price objective on Allstate from $191.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $193.88.

Insider Activity

In other news, insider Suren Gupta sold 45,775 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $177.28, for a total transaction of $8,114,992.00. Following the completion of the sale, the insider now directly owns 89,930 shares in the company, valued at $15,942,790.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Suren Gupta sold 45,775 shares of Allstate stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $177.28, for a total value of $8,114,992.00. Following the completion of the transaction, the insider now directly owns 89,930 shares in the company, valued at $15,942,790.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Toohey sold 16,682 shares of Allstate stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $180.17, for a total value of $3,005,595.94. Following the completion of the transaction, the executive vice president now owns 4,873 shares of the company’s stock, valued at $877,968.41. The disclosure for this sale can be found here. Insiders sold 201,938 shares of company stock worth $36,122,740 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Allstate

A number of hedge funds have recently bought and sold shares of ALL. E Fund Management Hong Kong Co. Ltd. acquired a new position in Allstate in the first quarter valued at approximately $25,000. Rise Advisors LLC acquired a new position in Allstate in the first quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new position in Allstate in the first quarter valued at approximately $26,000. Private Wealth Management Group LLC acquired a new position in Allstate in the fourth quarter valued at approximately $25,000. Finally, Versant Capital Management Inc boosted its stake in Allstate by 70.9% in the second quarter. Versant Capital Management Inc now owns 188 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 78 shares during the period. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Stock Performance

The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.49. The stock has a 50 day simple moving average of $172.74 and a 200 day simple moving average of $167.83. The company has a market capitalization of $50.11 billion, a price-to-earnings ratio of 41.91, a P/E/G ratio of 1.78 and a beta of 0.48.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $1.28. The company had revenue of $15.71 billion for the quarter, compared to analysts’ expectations of $14.04 billion. Allstate had a return on equity of 24.05% and a net margin of 5.03%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($4.42) earnings per share. As a group, analysts anticipate that The Allstate Co. will post 15.14 earnings per share for the current fiscal year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be issued a dividend of $0.92 per share. The ex-dividend date is Friday, August 30th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.94%. Allstate’s dividend payout ratio (DPR) is presently 81.24%.

About Allstate

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.