Allstate (NYSE:ALL) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Allstate (NYSE:ALL) from a hold rating to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other brokerages have also recently weighed in on ALL. Wells Fargo & Company cut shares of Allstate from an “equal weight” rating to an “underweight” rating and raised their price target for the stock from $243.00 to $250.00 in a research note on Friday, August 7th. Atlantic Securities set a $319.00 price objective on shares of Allstate in a research report on Wednesday, July 15th. Barclays increased their target price on shares of Allstate from $213.00 to $226.00 and gave the stock an “underweight” rating in a report on Thursday, August 6th. Raymond James Financial reissued a “strong-buy” rating and set a $315.00 price target on shares of Allstate in a research report on Tuesday, August 11th. Finally, Citigroup downgraded shares of Allstate from a “neutral” rating to a “sell” rating and increased their price objective for the stock from $226.00 to $240.00 in a research note on Tuesday, August 11th. Four investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $265.53.

Allstate Stock Up 1.2%

ALL stock opened at $261.27 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $66.06 billion, a P/E ratio of 5.22, a P/E/G ratio of 0.41 and a beta of 0.16. The business has a 50-day moving average of $248.26 and a 200-day moving average of $223.92. Allstate has a fifty-two week low of $188.08 and a fifty-two week high of $277.22.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $15.43 billion for the quarter, compared to analyst estimates of $15.46 billion. During the same quarter last year, the firm earned $5.94 EPS. Allstate’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Allstate will post 34.2 earnings per share for the current fiscal year.

Allstate Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate’s payout ratio is presently 8.63%.

Insider Activity

In other news, insider John E. Dugenske sold 32,996 shares of Allstate 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 completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark Q. Prindiville sold 1,550 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the transaction, the insider owned 27,558 shares in the company, valued at $5,959,968.66. This represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 92,996 shares of company stock valued at $24,543,894. 1.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Allstate

Institutional investors have recently bought and sold shares of the business. MV Capital Management Inc. bought a new position in shares of Allstate during the 4th quarter worth approximately $25,000. Gables Capital Management Inc. bought a new stake in Allstate in the 2nd quarter valued at $26,000. Navalign LLC bought a new stake in Allstate in the 4th quarter valued at $27,000. Kelleher Financial Advisors acquired a new stake in Allstate during the 2nd quarter valued at $28,000. Finally, Evolution Wealth Management Inc. lifted its holdings in Allstate by 7,000.0% during the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

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.