The Allstate Corporation (NYSE:ALL) Receives $256.70 Average Target Price from Brokerages

The Allstate Corporation (NYSE:ALL) has been assigned a consensus recommendation of “Hold” from the twenty-two research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and three have given a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $259.50.

A number of research analysts have recently commented on ALL shares. Citigroup increased their target price on Allstate from $221.00 to $226.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Cantor Fitzgerald boosted their price target on shares of Allstate from $236.00 to $242.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. upped their price target on shares of Allstate from $263.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Mizuho increased their price objective on shares of Allstate from $255.00 to $272.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Allstate from $242.00 to $255.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th.

Allstate Price Performance

Shares of Allstate stock opened at $267.02 on Friday. The stock has a 50 day moving average of $241.52 and a 200 day moving average of $220.65. Allstate has a 12 month low of $188.08 and a 12 month high of $277.22. The firm has a market cap of $68.74 billion, a PE ratio of 5.33, a PEG ratio of 0.45 and a beta of 0.16. 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 quarterly 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. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $15.43 billion during the quarter, compared to analysts’ expectations of $15.46 billion. During the same quarter last year, the business posted $5.94 EPS. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, research analysts expect that Allstate will post 31.4 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, August 31st will be issued a $1.08 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.6%. Allstate’s dividend payout ratio (DPR) is presently 8.63%.

Insider Activity

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the sale, the director directly owned 2,225 shares of the company’s stock, valued at $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Allstate

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Allstate during the second quarter worth $5,439,448,000. State Street Corp increased its position in Allstate by 3.7% during the fourth quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock valued at $2,571,600,000 after acquiring an additional 438,034 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Allstate by 8.1% in the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock valued at $1,640,748,000 after acquiring an additional 596,321 shares during the period. GQG Partners LLC lifted its holdings in shares of Allstate by 36.0% in the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Allstate by 29.2% during the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock worth $1,042,321,000 after purchasing an additional 1,131,172 shares during the period. Institutional investors own 76.47% of the company’s stock.

About Allstate

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.