Allstate (NYSE:ALL) Cut to Hold at Zacks Research

Allstate (NYSE:ALL) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Zacks reports.

A number of other brokerages have also recently weighed in on ALL. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $250.00 price target (down from $255.00) on shares of Allstate in a research report on Thursday, August 20th. Roth Capital set a $300.00 price target on shares of Allstate in a report on Thursday, August 6th. Citigroup cut shares of Allstate from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $226.00 to $240.00 in a research note on Tuesday, August 11th. Wells Fargo & Company lowered shares of Allstate from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $243.00 to $250.00 in a report on Friday, August 7th. Finally, Barclays boosted their target price on Allstate from $213.00 to $226.00 and gave the stock an “underweight” rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $266.74.

Allstate Price Performance

NYSE:ALL opened at $255.13 on Tuesday. 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 company has a 50-day moving average of $258.31 and a 200-day moving average of $231.54. Allstate has a 52 week low of $188.08 and a 52 week high of $277.22. The company has a market capitalization of $64.51 billion, a price-to-earnings ratio of 5.09, a PEG ratio of 0.58 and a beta of 0.15.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.94 earnings per share. As a group, equities research analysts anticipate that Allstate will post 35.5 earnings per share for the current fiscal year.

Insider Activity at Allstate

In related news, COO Mario Rizzo sold 56,225 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John Dugenske sold 32,996 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 13,054 shares in the company, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Allstate

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strategic Global Advisors LLC bought a new position in Allstate in the 2nd quarter valued at about $11,680,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Allstate during the 2nd quarter worth approximately $6,861,000. Elevation Point Wealth Partners LLC increased its stake in Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider’s stock valued at $4,016,000 after acquiring an additional 10,936 shares during the last quarter. CIBC Asset Management Inc raised its position in Allstate by 69.2% during the fourth quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider’s stock valued at $13,116,000 after purchasing an additional 25,764 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Allstate by 8.1% during the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock worth $1,640,748,000 after purchasing an additional 596,321 shares during the last quarter. Institutional investors own 76.47% of the company’s stock.

About Allstate

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate’s roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.