Allstate (NYSE:ALL) Hits New 52-Week High – Should You Buy?

The Allstate Corporation (NYSE:ALL)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $277.22 and last traded at $274.1640, with a volume of 1512982 shares. The stock had previously closed at $272.42.

Analyst Ratings Changes

Several research firms have weighed in on ALL. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research report on Thursday, May 28th. Zacks Research cut shares of Allstate from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. HSBC downgraded shares of Allstate from a “buy” rating to a “hold” rating and upped their price target for the company from $244.00 to $264.00 in a research note on Monday, July 6th. Wells Fargo & Company lifted their price objective on shares of Allstate from $229.00 to $243.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Finally, Evercore set a $240.00 price objective on shares of Allstate in a report on Friday, July 10th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.80.

Allstate Stock Up 0.6%

The firm’s 50-day moving average price is $233.97 and its 200 day moving average price is $217.36. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $70.58 billion, a price-to-earnings ratio of 6.05, a PEG ratio of 0.47 and a beta of 0.16.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter last year, the firm earned $3.53 earnings per share. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, sell-side analysts forecast that The Allstate Corporation will post 30.69 EPS for the current fiscal year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, August 31st. Allstate’s payout ratio is currently 9.53%.

Insider Activity at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the company’s stock in a transaction on Monday, June 1st. The shares were 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,353 shares of company stock worth $4,851,560 over the last ninety days. Insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Allstate

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Allstate by 5.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock valued at $112,533,000 after acquiring an additional 26,586 shares in the last quarter. Mezzasalma Advisors LLC lifted its position in shares of Allstate by 58.6% during the 4th quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider’s stock valued at $4,875,000 after acquiring an additional 8,837 shares during the period. Meyer Handelman Co. boosted its stake in Allstate by 4.8% during the fourth quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider’s stock worth $43,043,000 after acquiring an additional 9,438 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Allstate in the fourth quarter worth $23,074,000. Finally, Strategic Global Advisors LLC grew its holdings in Allstate by 19.2% in the fourth quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider’s stock worth $10,175,000 after purchasing an additional 7,870 shares during the period. Institutional investors and hedge funds own 76.47% of the company’s stock.

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.