Allstate (NYSE:ALL) Given New $197.00 Price Target at Wells Fargo & Company

Allstate (NYSE:ALL) had its target price reduced by Wells Fargo & Company from $200.00 to $197.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 1.51% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Keefe, Bruyette & Woods cut their target price on shares of Allstate from $240.00 to $228.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Raymond James reissued a “strong-buy” rating and issued a $250.00 price target (up from $240.00) on shares of Allstate in a research note on Monday. Evercore ISI increased their price objective on shares of Allstate from $227.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Argus raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. raised their price target on Allstate from $217.00 to $222.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $224.27.

Allstate Price Performance

Shares of NYSE ALL opened at $200.02 on Tuesday. Allstate has a 1 year low of $156.66 and a 1 year high of $212.91. The stock has a market capitalization of $53.03 billion, a P/E ratio of 11.79, a P/E/G ratio of 1.01 and a beta of 0.32. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40. The company’s 50-day moving average is $198.73 and its 200 day moving average is $194.90.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.98 by ($0.45). Allstate had a net margin of 7.28% and a return on equity of 28.20%. The business had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $16.41 billion. During the same period in the previous year, the business earned $5.13 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts expect that Allstate will post 18.74 earnings per share for the current year.

Allstate declared that its Board of Directors has approved a stock buyback program on Wednesday, February 26th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the completion of the transaction, the chief financial officer now owns 18,115 shares of the company’s stock, valued at approximately $3,378,990.95. This trade represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALL. Ameritas Advisory Services LLC lifted its position in shares of Allstate by 117.3% in the fourth quarter. Ameritas Advisory Services LLC now owns 4,896 shares of the insurance provider’s stock valued at $944,000 after acquiring an additional 2,643 shares in the last quarter. Hennessy Advisors Inc. raised its stake in Allstate by 6.9% in the fourth quarter. Hennessy Advisors Inc. now owns 58,600 shares of the insurance provider’s stock valued at $11,297,000 after buying an additional 3,800 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in Allstate by 10.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider’s stock worth $98,065,000 after acquiring an additional 48,382 shares during the period. Artemis Investment Management LLP increased its stake in shares of Allstate by 33.3% in the fourth quarter. Artemis Investment Management LLP now owns 401,542 shares of the insurance provider’s stock worth $77,413,000 after acquiring an additional 100,311 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Allstate by 56.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 186,792 shares of the insurance provider’s stock valued at $36,012,000 after acquiring an additional 67,032 shares during the period. Institutional investors own 76.47% of the company’s stock.

About Allstate

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.