Allstate (NYSE:ALL) Price Target Raised to $235.00

Allstate (NYSE:ALL) had its price objective boosted by Morgan Stanley from $225.00 to $235.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 16.70% from the company’s current price.

A number of other brokerages have also weighed in on ALL. Barclays reduced their target price on shares of Allstate from $183.00 to $172.00 and set an “underweight” rating for the company in a research note on Friday, April 11th. Keefe, Bruyette & Woods decreased their price objective on Allstate from $240.00 to $228.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. upped 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. StockNews.com upgraded shares of Allstate from a “hold” rating to a “buy” rating in a report on Thursday, May 1st. Finally, Raymond James restated a “strong-buy” rating and set a $250.00 target price (up previously from $240.00) on shares of Allstate in a report on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $224.73.

Allstate Trading Up 0.6 %

Shares of NYSE ALL traded up $1.12 during midday trading on Tuesday, reaching $201.37. 58,709 shares of the stock were exchanged, compared to its average volume of 1,611,677. Allstate has a 12 month low of $156.66 and a 12 month high of $212.91. The company has a market capitalization of $53.39 billion, a price-to-earnings ratio of 11.86, 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 business has a 50-day simple moving average of $198.73 and a two-hundred day simple moving average of $194.90.

Allstate (NYSE:ALL) last announced its quarterly earnings results 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 return on equity of 28.20% and a net margin of 7.28%. The business had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $16.41 billion. During the same quarter last year, the company earned $5.13 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts expect that Allstate will post 18.74 EPS for the current year.

Allstate declared that its board has initiated a stock buyback plan 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 plans are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $186.53, for a total value of $7,480,226.06. Following the transaction, the chief financial officer now directly owns 18,115 shares of the company’s stock, valued at approximately $3,378,990.95. The trade was a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Allstate

Institutional investors have recently modified their holdings of the company. VSM Wealth Advisory LLC bought a new stake in Allstate during the 4th quarter worth approximately $25,000. Hughes Financial Services LLC bought a new position in Allstate during the 1st quarter valued at $28,000. Twin Tree Management LP bought a new stake in shares of Allstate in the 4th quarter worth $27,000. Vision Financial Markets LLC bought a new position in shares of Allstate during the fourth quarter valued at about $29,000. Finally, Hopwood Financial Services Inc. purchased a new stake in Allstate in the 4th quarter valued at about $29,000. 76.47% of the stock is owned by institutional investors and hedge funds.

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.