Allstate (NYSE:ALL) Hits New 12-Month High – Should You Buy?

The Allstate Corporation (NYSE:ALL) shares hit a new 52-week high on Friday . The company traded as high as $258.37 and last traded at $259.2760, with a volume of 132443 shares trading hands. The stock had previously closed at $254.52.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ALL. Citigroup increased their price target on shares of Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. JPMorgan Chase & Co. upped their target price on Allstate from $263.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Mizuho increased their target price on Allstate from $255.00 to $272.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. HSBC cut Allstate from a “buy” rating to a “hold” rating and raised their target price for the company from $244.00 to $264.00 in a research note on Monday, July 6th. Finally, Atlantic Securities set a $319.00 price target on Allstate in a research note on Wednesday, July 15th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $254.80.

Allstate Price Performance

The firm has a market cap of $66.58 billion, a P/E ratio of 5.72, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The firm’s 50 day moving average is $230.31 and its 200 day moving average is $215.69.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The firm had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.53 EPS. As a group, analysts anticipate that The Allstate Corporation will post 30.51 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Allstate’s payout ratio is 9.53%.

Insider Transactions at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director directly owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 22,353 shares of company stock valued at $4,851,560. Insiders own 1.55% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Allstate during the fourth quarter valued at approximately $531,294,000. GQG Partners LLC raised its holdings in Allstate by 36.0% in the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares during the last quarter. Franklin Resources Inc. lifted its position in Allstate by 29.2% in the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Allstate by 1,766.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider’s stock valued at $180,911,000 after acquiring an additional 822,583 shares in the last quarter. Finally, Woodline Partners LP purchased a new stake in Allstate during the 3rd quarter valued at $148,641,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

About Allstate

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.