Allstate (NYSE:ALL) Stock Rating Lowered by Zacks Research

Allstate (NYSE:ALL) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Zacks reports.

Several other research firms have also commented on ALL. Cantor Fitzgerald raised their price objective on shares of Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Morgan Stanley set a $265.00 target price on shares of Allstate in a research note on Tuesday, August 11th. The Goldman Sachs Group reiterated a “neutral” rating and set a $280.00 target price on shares of Allstate in a report on Friday, August 7th. Wall Street Zen raised shares of Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Finally, Wells Fargo & Company downgraded shares of Allstate from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $243.00 to $250.00 in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Allstate has an average rating of “Hold” and an average price target of $266.74.

Allstate Price Performance

ALL opened at $255.13 on Tuesday. The stock’s 50-day moving average price is $258.31 and its 200 day moving average price is $231.54. Allstate has a 12-month low of $188.08 and a 12-month high of $277.22. The firm has a market cap of $64.51 billion, a price-to-earnings ratio of 5.09, a PEG ratio of 0.58 and a beta of 0.15. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating the consensus estimate of $6.06 by $2.93. The company had revenue of $18.60 billion during 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%.Allstate’s revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $5.94 EPS. As a group, sell-side analysts expect that Allstate will post 35.5 earnings per share for the current year.

Insider Buying and Selling

In related news, insider John Dugenske sold 32,996 shares of the firm’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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the transaction, the chief operating officer owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This represents a 40.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allstate

A number of institutional investors and hedge funds have recently modified their holdings of ALL. Cornerstone Financial Management LLC raised its holdings in Allstate by 24.9% during the second quarter. Cornerstone Financial Management LLC now owns 226 shares of the insurance provider’s stock worth $54,000 after buying an additional 45 shares during the last quarter. Capital Advisors Inc. OK lifted its position in Allstate by 2.6% in the 2nd quarter. Capital Advisors Inc. OK now owns 1,827 shares of the insurance provider’s stock valued at $435,000 after acquiring an additional 46 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in Allstate by 0.6% during the 4th quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider’s stock valued at $1,625,000 after purchasing an additional 50 shares during the last quarter. Natural Investments LLC increased its holdings in Allstate by 1.5% during the 2nd quarter. Natural Investments LLC now owns 3,327 shares of the insurance provider’s stock worth $791,000 after purchasing an additional 50 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its stake in shares of Allstate by 0.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,815 shares of the insurance provider’s stock worth $1,210,000 after purchasing an additional 52 shares during the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Allstate Company Profile

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate’s roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.