Allstate (NYSE:ALL) Stock Price Target Cut by Morgan Stanley

Allstate (NYSE:ALL) had its price target reduced by investment analysts at Morgan Stanley from $265.00 to $240.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 7.63% from the company’s previous close.

A number of other analysts also recently weighed in on ALL. Cantor Fitzgerald boosted their target price on shares of Allstate from $236.00 to $242.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $250.00 price target (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Zacks Research downgraded Allstate from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. Roth Capital set a $300.00 price objective on Allstate in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Allstate currently has an average rating of “Hold” and an average target price of $262.68.

Allstate Price Performance

ALL traded down $1.72 during trading on Tuesday, hitting $222.99. 581,038 shares of the company traded hands, compared to its average volume of 1,748,436. The company has a market cap of $56.38 billion, a PE ratio of 4.45, a P/E/G ratio of 0.50 and a beta of 0.13. The stock’s 50-day simple moving average is $252.93 and its two-hundred day simple moving average is $233.48. Allstate has a 1 year low of $188.08 and a 1 year high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business had revenue of $18.60 billion for the quarter, compared to analysts’ expectations of $15.46 billion. During the same quarter in the previous year, the company earned $5.94 EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Allstate will post 35.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider John E. Dugenske sold 32,996 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the transaction, the insider owned 13,054 shares of the company’s stock, valued at $3,515,833.82. This trade represents a 71.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the transaction, the chief operating officer owned 82,227 shares in the company, valued at $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by insiders.

Institutional Trading of Allstate

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Allstate during the 2nd quarter worth approximately $5,439,448,000. Bank of America Corp DE acquired a new stake in shares of Allstate in the second quarter valued at approximately $1,410,362,000. GQG Partners LLC purchased a new position in Allstate during the second quarter worth approximately $1,245,710,000. Deutsche Bank AG purchased a new position in Allstate during the second quarter worth approximately $1,008,648,000. Finally, Legal & General Group Plc acquired a new position in Allstate during the second quarter worth $455,302,000. Institutional investors own 76.47% of the company’s stock.

Allstate Company Profile

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.