Allstate (NYSE:ALL) Cut to “Hold” at Wall Street Zen

Allstate (NYSE:ALL) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

ALL has been the subject of several other research reports. Raymond James Financial raised their price objective on Allstate from $260.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Monday, July 6th. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research note on Thursday, May 28th. Barclays lifted their price target on shares of Allstate from $203.00 to $213.00 and gave the company an “underweight” rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a “buy (a-)” rating on shares of Allstate in a research note on Thursday, June 18th. Finally, Wells Fargo & Company upped their price objective on shares of Allstate from $229.00 to $243.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $248.26.

Allstate Stock Up 1.2%

Shares of NYSE:ALL traded up $3.00 during trading on Friday, hitting $251.64. The stock had a trading volume of 1,041,559 shares, compared to its average volume of 1,803,435. Allstate has a 12 month low of $188.08 and a 12 month high of $257.67. The company has a market capitalization of $64.78 billion, a PE ratio of 5.55, a PEG ratio of 0.44 and a beta of 0.16. The firm’s fifty day moving average is $224.15 and its 200 day moving average is $213.01. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating the consensus estimate of $7.31 by $3.34. The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The firm’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.53 earnings per share. Analysts anticipate that Allstate will post 29.99 EPS for the current fiscal year.

Insider Transactions at Allstate

In related news, insider Mark Q. Prindiville sold 1,550 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the transaction, the insider owned 27,558 shares in the company, valued at $5,959,968.66. The trade was a 5.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the sale, the director directly owned 2,225 shares in the company, valued at $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,353 shares of company stock valued at $4,851,560 in the last quarter. 1.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Allstate

Several institutional investors and hedge funds have recently made changes to their positions in ALL. Tema ETFs LLC raised its holdings in Allstate by 24.3% in the 2nd quarter. Tema ETFs LLC now owns 4,867 shares of the insurance provider’s stock worth $1,158,000 after acquiring an additional 951 shares during the last quarter. William Mack & Associates Inc. bought a new position in Allstate in the 2nd quarter valued at approximately $227,000. Paladin Wealth LLC purchased a new stake in Allstate during the 2nd quarter valued at $206,000. Revolve Wealth Partners LLC lifted its holdings in shares of Allstate by 14.1% during the second quarter. Revolve Wealth Partners LLC now owns 1,151 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 142 shares in the last quarter. Finally, Allied Private Wealth LLC purchased a new stake in shares of Allstate during the second quarter valued at $29,000. Institutional investors own 76.47% of the company’s stock.

Key Allstate News

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Mizuho raised its price target on Allstate to $272 from $255 and kept an outperform rating, signaling confidence that the stock still has upside from recent levels.
• Positive Sentiment: Several recent articles argued that Allstate looks undervalued after earnings and may benefit from a relatively favorable catastrophe year, which could help underwriting results and profits.
• Neutral Sentiment: Allstate declared a quarterly dividend of $1.08 per share, reinforcing shareholder returns but not necessarily changing the near-term trading story.
• Neutral Sentiment: Comparative coverage versus Progressive and other insurance peers kept attention on Allstate’s valuation, but this was more of a relative-stock discussion than a direct catalyst.
• Negative Sentiment: Oklahoma Attorney General Gentner Drummond sued Allstate, alleging the insurer defrauded customers, adding a fresh legal overhang that could raise compliance and settlement concerns. Article Title
• Negative Sentiment: Allstate also drew attention after accusing Broadcom of auditing it because it ended its VMware/CA relationship, another sign of ongoing legal or contractual friction. Article Title

Allstate Company Profile

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.