Q1 2024 Earnings Forecast for The Allstate Co. Issued By William Blair (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Stock analysts at William Blair cut their Q1 2024 earnings per share (EPS) estimates for shares of Allstate in a research report issued to clients and investors on Thursday, April 18th. William Blair analyst A. Klauber now forecasts that the insurance provider will earn $5.10 per share for the quarter, down from their previous forecast of $5.50. The consensus estimate for Allstate’s current full-year earnings is $13.44 per share. William Blair also issued estimates for Allstate’s FY2024 earnings at $16.36 EPS.

Allstate (NYSE:ALL) last posted its quarterly earnings data on Thursday, February 8th. The insurance provider reported $5.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.87 by $1.95. Allstate had a positive return on equity of 2.67% and a negative net margin of 0.33%. The business had revenue of $14.83 billion during the quarter, compared to the consensus estimate of $12.69 billion. During the same quarter in the prior year, the company earned ($1.36) earnings per share. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year.

A number of other equities research analysts have also issued reports on ALL. Keefe, Bruyette & Woods increased their price target on Allstate from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. BMO Capital Markets raised their price target on Allstate from $140.00 to $158.00 and gave the company a “market perform” rating in a report on Friday, January 19th. JPMorgan Chase & Co. raised their target price on shares of Allstate from $172.00 to $185.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Roth Mkm raised their price objective on Allstate from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, Raymond James increased their price target on Allstate from $155.00 to $180.00 and gave the company a “strong-buy” rating in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Allstate currently has an average rating of “Moderate Buy” and an average target price of $173.71.

Allstate Stock Performance

Shares of ALL opened at $172.96 on Monday. Allstate has a 52 week low of $100.57 and a 52 week high of $174.57. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.51. The stock has a market cap of $45.50 billion, a price-to-earnings ratio of -139.48, a PEG ratio of 0.42 and a beta of 0.52. The business has a 50-day simple moving average of $163.84 and a two-hundred day simple moving average of $147.54.

Allstate Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 4th were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 2.13%. This is a boost from Allstate’s previous quarterly dividend of $0.89. The ex-dividend date was Friday, March 1st. Allstate’s payout ratio is presently -296.77%.

Insider Buying and Selling

In related news, CAO John C. Pintozzi sold 4,000 shares of Allstate stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the transaction, the chief accounting officer now owns 10,736 shares in the company, valued at $1,712,069.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Allstate news, CAO John C. Pintozzi sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the sale, the chief accounting officer now owns 10,736 shares in the company, valued at $1,712,069.92. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider John E. Dugenske sold 31,000 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the sale, the insider now owns 63,731 shares of the company’s stock, valued at approximately $10,847,016.20. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Leeward Investments LLC MA lifted its holdings in shares of Allstate by 4.0% in the first quarter. Leeward Investments LLC MA now owns 153,860 shares of the insurance provider’s stock valued at $26,619,000 after purchasing an additional 5,909 shares in the last quarter. Kovack Advisors Inc. acquired a new stake in shares of Allstate during the 1st quarter worth $229,000. Norden Group LLC purchased a new stake in Allstate during the first quarter worth approximately $641,000. Lake Street Private Wealth LLC lifted its position in Allstate by 6.3% during the 1st quarter. Lake Street Private Wealth LLC now owns 22,903 shares of the insurance provider’s stock worth $3,962,000 after acquiring an additional 1,350 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Allstate by 1.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 687,386 shares of the insurance provider’s stock worth $118,925,000 after acquiring an additional 6,760 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors and hedge funds.

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.