Allstate (NYSE:ALL) Sets New 52-Week High Following Earnings Beat

Shares of The Allstate Co. (NYSE:ALL) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $177.37 and last traded at $172.88, with a volume of 354377 shares trading hands. The stock had previously closed at $171.56.

The insurance provider reported $5.13 EPS for the quarter, beating the consensus estimate of $3.78 by $1.35. The company had revenue of $15.26 billion during the quarter, compared to analysts’ expectations of $12.76 billion. Allstate had a negative net margin of 0.33% and a positive return on equity of 2.67%. Allstate’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.30) earnings per share.

Allstate Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, March 1st. This is a boost from Allstate’s previous quarterly dividend of $0.89. Allstate’s payout ratio is currently -296.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. TD Cowen assumed coverage on shares of Allstate in a research note on Wednesday, January 10th. They issued an “outperform” rating and a $193.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Allstate from $172.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Wells Fargo & Company boosted their price target on shares of Allstate from $145.00 to $146.00 and gave the stock an “underweight” rating in a research note on Thursday, April 11th. Evercore ISI upped their price objective on shares of Allstate from $166.00 to $173.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Finally, Raymond James upped their price objective on shares of Allstate from $155.00 to $180.00 and gave the company a “strong-buy” rating in a research note on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Allstate has a consensus rating of “Moderate Buy” and a consensus price target of $173.71.

Insider Activity at Allstate

In related news, insider John E. Dugenske sold 31,000 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the completion of the sale, the insider now directly owns 63,731 shares in the company, valued at approximately $10,847,016.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Allstate news, CAO John C. Pintozzi sold 4,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,736 shares in the company, valued at approximately $1,712,069.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John E. Dugenske sold 31,000 shares of the company’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the completion of the transaction, the insider now owns 63,731 shares of the company’s stock, valued at $10,847,016.20. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALL. Vanguard Group Inc. raised its holdings in Allstate by 11.5% in the 3rd quarter. Vanguard Group Inc. now owns 32,270,589 shares of the insurance provider’s stock worth $3,595,266,000 after purchasing an additional 3,322,673 shares in the last quarter. Norges Bank purchased a new stake in shares of Allstate in the 4th quarter worth about $212,771,000. Invesco Ltd. grew its position in shares of Allstate by 46.6% in the 3rd quarter. Invesco Ltd. now owns 4,121,941 shares of the insurance provider’s stock worth $459,225,000 after buying an additional 1,311,095 shares during the period. Diamond Hill Capital Management Inc. grew its position in shares of Allstate by 23.0% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,184,211 shares of the insurance provider’s stock worth $466,163,000 after buying an additional 782,696 shares during the period. Finally, Palestra Capital Management LLC purchased a new stake in shares of Allstate in the 4th quarter worth about $83,561,000. 76.47% of the stock is currently owned by institutional investors.

Allstate Stock Up 0.9 %

The stock’s 50-day moving average price is $165.70 and its two-hundred day moving average price is $150.52. The stock has a market capitalization of $45.52 billion, a PE ratio of -139.52, a P/E/G ratio of 0.41 and a beta of 0.51. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.37 and a current ratio of 0.37.

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.