Allstate (NYSE:ALL) Releases Quarterly Earnings Results, Beats Estimates By $2.93 EPS

Allstate (NYSE:ALL) posted its earnings results on Wednesday. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.06 by $2.93, FiscalAI reports. The company had revenue of $15.43 billion during the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 43.06%. Allstate’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the company posted $5.94 EPS.

Allstate Stock Down 2.2%

NYSE:ALL traded down $6.07 during trading hours on Friday, reaching $269.04. The company had a trading volume of 456,674 shares, compared to its average volume of 1,663,202. The business’s 50-day simple moving average is $240.31 and its two-hundred day simple moving average is $220.12. Allstate has a twelve month low of $188.08 and a twelve month high of $277.22. The firm has a market cap of $69.26 billion, a price-to-earnings ratio of 5.37, a P/E/G ratio of 0.45 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate Announces Dividend

The company also recently announced 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 is Monday, August 31st. This represents a $4.32 annualized dividend and a yield of 1.6%. Allstate’s payout ratio is presently 9.53%.

Insider Transactions at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the sale, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by company insiders.

Institutional Trading of Allstate

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its position in Allstate by 3.7% during the 4th 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 period. GQG Partners LLC raised its position in 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 buying an additional 1,452,993 shares during the last quarter. Boston Partners boosted its holdings in shares of Allstate by 14.9% during the 3rd quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock valued at $654,652,000 after acquiring an additional 395,195 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Allstate by 3.3% during the second quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider’s stock valued at $562,388,000 after purchasing an additional 88,620 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Allstate by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,650,356 shares of the insurance provider’s stock valued at $551,682,000 after purchasing an additional 43,905 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ALL shares. HSBC cut Allstate from a “buy” rating to a “hold” rating and boosted their price target for the company from $244.00 to $264.00 in a research note on Monday, July 6th. UBS Group cut shares of Allstate from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $255.00 to $261.00 in a research report on Wednesday, July 15th. The Goldman Sachs Group restated a “neutral” rating and issued a $280.00 target price on shares of Allstate in a research report on Friday. Weiss Ratings restated a “buy (a-)” rating on shares of Allstate in a research report on Thursday, June 18th. Finally, Citigroup boosted their target price on Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Allstate currently has an average rating of “Hold” and a consensus target price of $259.50.

Allstate Company Profile

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.