Allstate (NYSE:ALL) Downgraded by StockNews.com

StockNews.com cut shares of Allstate (NYSE:ALL) from a strong-buy rating to a buy rating in a report published on Wednesday morning.

ALL has been the subject of several other research reports. The Goldman Sachs Group raised their price target on Allstate from $199.00 to $204.00 and gave the stock a buy rating in a report on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on Allstate from $193.00 to $200.00 and gave the stock an overweight rating in a report on Thursday, July 11th. Piper Sandler lifted their target price on Allstate from $188.00 to $196.00 and gave the stock an overweight rating in a report on Friday, August 16th. Keefe, Bruyette & Woods lifted their target price on Allstate from $199.00 to $208.00 and gave the stock an outperform rating in a report on Monday, August 12th. Finally, Bank of America lifted their target price on Allstate from $213.00 to $226.00 and gave the stock a buy rating in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $191.94.

Allstate Price Performance

Shares of NYSE ALL opened at $180.51 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $47.64 billion, a PE ratio of 39.85, a P/E/G ratio of 1.86 and a beta of 0.48. The business has a 50-day simple moving average of $168.41 and a two-hundred day simple moving average of $166.25. Allstate has a fifty-two week low of $104.70 and a fifty-two week high of $184.30.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share for the quarter, topping the consensus estimate of $0.33 by $1.28. The business had revenue of $15.71 billion during the quarter, compared to the consensus estimate of $14.04 billion. Allstate had a return on equity of 24.05% and a net margin of 5.03%. The company’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the company earned ($4.42) earnings per share. As a group, equities analysts expect that Allstate will post 13.64 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, August 30th. Allstate’s payout ratio is 81.24%.

Insider Transactions at Allstate

In other news, insider Suren Gupta sold 45,775 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 89,930 shares of the company’s stock, valued at approximately $15,942,790.40. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Suren Gupta sold 45,775 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $15,942,790.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Toohey sold 16,682 shares of the stock in a transaction on Monday, August 19th. The shares were 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 directly 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 a total of 201,938 shares of company stock valued at $36,122,740 in the last three months. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ALL. Norges Bank acquired a new position in Allstate in the 4th quarter valued at $212,771,000. Palestra Capital Management LLC acquired a new stake in shares of Allstate in the 4th quarter worth $83,561,000. Balyasny Asset Management L.P. acquired a new stake in shares of Allstate in the 4th quarter worth $81,571,000. Artemis Investment Management LLP acquired a new stake in shares of Allstate in the 1st quarter worth $95,764,000. Finally, AQR Capital Management LLC increased its stake in shares of Allstate by 181.6% in the 2nd quarter. AQR Capital Management LLC now owns 719,997 shares of the insurance provider’s stock worth $114,955,000 after acquiring an additional 464,337 shares during the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Company Profile

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.