Allstate (NYSE:ALL) Price Target Cut to $215.00 by Analysts at Citigroup

Allstate (NYSE:ALL) had its price objective cut by investment analysts at Citigroup from $240.00 to $215.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “sell” rating on the insurance provider’s stock. Citigroup’s target price indicates a potential downside of 3.94% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. UBS Group raised their target price on shares of Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Piper Sandler reaffirmed an “overweight” rating on shares of Allstate in a report on Monday. Raymond James Financial reissued a “strong-buy” rating and set a $315.00 price target on shares of Allstate in a research note on Tuesday, August 11th. Barclays lifted their price objective on Allstate from $213.00 to $226.00 and gave the stock an “underweight” rating in a research note on Thursday, August 6th. Finally, Argus set a $238.00 target price on Allstate in a research report on Friday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $264.00.

Allstate Stock Performance

Shares of NYSE ALL traded down $0.58 during midday trading on Friday, hitting $223.83. 1,684,569 shares of the company’s stock traded hands, compared to its average volume of 1,749,221. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market capitalization of $56.60 billion, a price-to-earnings ratio of 4.47, a price-to-earnings-growth ratio of 0.50 and a beta of 0.14. Allstate has a 1 year low of $188.08 and a 1 year high of $277.22. The firm has a fifty day moving average of $254.39 and a 200 day moving average of $233.25.

Allstate (NYSE:ALL) last announced its quarterly earnings data 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 company had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. During the same period in the previous year, the company posted $5.94 EPS. The firm’s revenue was up 11.8% on a year-over-year basis. On average, analysts forecast that Allstate will post 35.76 earnings per share for the current year.

Insider Buying and Selling at Allstate

In related news, COO Mario Rizzo sold 56,225 shares of the firm’s stock in a transaction 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 directly owned 82,227 shares in the company, valued at $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Dugenske sold 32,996 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the transaction, the insider owned 13,054 shares in the company, valued at $3,515,833.82. This trade represents a 71.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Versant Capital Management Inc lifted its stake in shares of Allstate by 26.4% during the 3rd quarter. Versant Capital Management Inc now owns 2,140 shares of the insurance provider’s stock worth $469,000 after acquiring an additional 447 shares during the last quarter. QRG Capital Management Inc. increased its stake in Allstate by 82.1% in the 2nd quarter. QRG Capital Management Inc. now owns 94,687 shares of the insurance provider’s stock worth $22,427,000 after buying an additional 42,690 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Allstate by 30.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 67,159 shares of the insurance provider’s stock valued at $15,627,000 after buying an additional 15,649 shares in the last quarter. Andra AP fonden boosted its position in Allstate by 81.2% in the 2nd quarter. Andra AP fonden now owns 56,898 shares of the insurance provider’s stock valued at $13,538,000 after buying an additional 25,499 shares during the period. Finally, Security National Bank of Sioux City Iowa IA purchased a new position in shares of Allstate during the second quarter worth approximately $48,000. Institutional investors 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.