Morgan Stanley Raises Allstate (NYSE:ALL) Price Target to $190.00

Allstate (NYSE:ALL) had its target price increased by Morgan Stanley from $187.00 to $190.00 in a research note published on Monday, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. Evercore ISI raised their price target on shares of Allstate from $166.00 to $173.00 and gave the stock an in-line rating in a research note on Thursday, April 11th. TD Cowen assumed coverage on shares of Allstate in a research note on Wednesday, January 10th. They set an outperform rating and a $193.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Allstate from $145.00 to $146.00 and gave the stock an underweight rating in a research note on Thursday, April 11th. Piper Sandler raised their target price on shares of Allstate from $172.00 to $188.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Finally, The Goldman Sachs Group raised their target price on shares of Allstate from $164.00 to $195.00 and gave the stock a buy rating in a research report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $173.71.

Allstate Price Performance

Shares of NYSE ALL opened at $162.92 on Monday. The stock has a market cap of $42.86 billion, a price-to-earnings ratio of -131.39, a PEG ratio of 0.41 and a beta of 0.52. Allstate has a 52 week low of $100.57 and a 52 week high of $174.57. The company’s 50-day moving average price is $163.44 and its 200 day moving average price is $146.44. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.51.

Allstate (NYSE:ALL) last released its quarterly earnings results on Thursday, February 8th. The insurance provider reported $5.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.87 by $1.95. Allstate had a negative net margin of 0.33% and a positive return on equity of 2.67%. The company had revenue of $14.83 billion for the quarter, compared to analysts’ expectations of $12.69 billion. During the same period last year, the company earned ($1.36) EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, research analysts forecast that Allstate will post 13.41 earnings per share for the current fiscal year.

Allstate Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 4th were issued a $0.92 dividend. This is a positive change from Allstate’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Friday, March 1st. This represents a $3.68 annualized dividend and a yield of 2.26%. Allstate’s dividend payout ratio (DPR) is presently -296.77%.

Insider Activity at Allstate

In other news, insider John E. Dugenske sold 31,000 shares of Allstate stock in a transaction that occurred on Tuesday, March 26th. The shares were 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 in the company, valued at $10,847,016.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction of $637,880.00. Following the sale, the chief accounting officer now owns 10,736 shares in the company, valued at $1,712,069.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John E. Dugenske sold 31,000 shares of Allstate stock in a transaction that occurred on Tuesday, March 26th. The shares were 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 in the company, 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 insiders.

Institutional Trading of Allstate

A number of hedge funds have recently made changes to their positions in ALL. Ellsworth Advisors LLC bought a new stake in shares of Allstate in the fourth quarter worth $4,312,000. SteelPeak Wealth LLC increased its stake in shares of Allstate by 175.2% in the fourth quarter. SteelPeak Wealth LLC now owns 15,682 shares of the insurance provider’s stock worth $2,209,000 after buying an additional 9,984 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Allstate by 484.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 332,104 shares of the insurance provider’s stock worth $46,488,000 after buying an additional 275,319 shares during the last quarter. Meeder Asset Management Inc. increased its stake in shares of Allstate by 214.6% in the fourth quarter. Meeder Asset Management Inc. now owns 1,570 shares of the insurance provider’s stock worth $220,000 after buying an additional 1,071 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in shares of Allstate by 88.7% in the fourth quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 24,496 shares of the insurance provider’s stock worth $3,429,000 after buying an additional 11,512 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

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.