Morgan Stanley Cuts Allstate (NYSE:ALL) Price Target to $240.00

Allstate (NYSE:ALL) had its price target trimmed by Morgan Stanley from $265.00 to $240.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their target price on Allstate from $282.00 to $292.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $250.00 price objective (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. The Goldman Sachs Group dropped their target price on Allstate from $280.00 to $250.00 and set a “neutral” rating on the stock in a research report on Thursday, October 1st. Barclays increased their price objective on shares of Allstate from $213.00 to $226.00 and gave the company an “underweight” rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded Allstate from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Allstate has an average rating of “Hold” and an average target price of $262.26.

Allstate Price Performance

ALL stock opened at $230.63 on Tuesday. The company has a market cap of $58.32 billion, a PE ratio of 4.61, a price-to-earnings-growth ratio of 0.50 and a beta of 0.13. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average price of $250.27 and a two-hundred day moving average price of $233.93. Allstate has a 12-month low of $188.08 and a 12-month high of $277.22.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping analysts’ consensus estimates of $6.06 by $2.93. The company had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the business posted $5.94 EPS. As a group, research analysts predict that Allstate will post 35.93 EPS for the current year.

Insider Activity

In other news, insider John E. Dugenske sold 32,996 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 13,054 shares of the company’s stock, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mario Rizzo sold 56,225 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the sale, the chief operating officer owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company’s stock.

Institutional Trading of Allstate

Institutional investors have recently modified their holdings of the company. MV Capital Management Inc. acquired a new position in shares of Allstate in the 4th quarter worth approximately $25,000. Gables Capital Management Inc. acquired a new stake in shares of Allstate during the second quarter worth $26,000. Kelleher Financial Advisors acquired a new position in shares of Allstate in the 2nd quarter valued at $28,000. Evolution Wealth Management Inc. increased its stake in Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 140 shares in the last quarter. Finally, Allied Private Wealth LLC purchased a new stake in Allstate during the second quarter valued at about $29,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

About Allstate

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.