Allstate (NYSE:ALL) Rating Increased to Strong-Buy at Wolfe Research

Wolfe Research upgraded shares of Allstate (NYSE:ALL) to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

ALL has been the topic of a number of other reports. BMO Capital Markets lifted their price objective on Allstate from $230.00 to $235.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 20th. Barclays reiterated an “underweight” rating and issued a $198.00 price objective (up from $188.00) on shares of Allstate in a research note on Thursday, July 31st. UBS Group lifted their price objective on Allstate from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. William Blair started coverage on Allstate in a research note on Friday, June 6th. They issued a “sector outperform” rating on the stock. Finally, Wells Fargo & Company set a $202.00 price objective on Allstate and gave the stock an “equal weight” rating in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Allstate has a consensus rating of “Moderate Buy” and an average target price of $231.47.

Allstate Price Performance

Shares of NYSE:ALL opened at $196.27 on Tuesday. Allstate has a fifty-two week low of $176.00 and a fifty-two week high of $214.76. The business has a 50-day moving average of $201.10 and a two-hundred day moving average of $200.45. The stock has a market capitalization of $51.72 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.79 and a beta of 0.37. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $2.74. Allstate had a return on equity of 28.74% and a net margin of 8.79%.The company had revenue of $15.05 billion during the quarter, compared to analysts’ expectations of $16.59 billion. During the same quarter in the previous year, the firm earned $1.61 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts predict that Allstate will post 18.74 EPS for the current fiscal year.

Allstate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, August 29th. Allstate’s dividend payout ratio is currently 18.81%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALL. Guerra Pan Advisors LLC boosted its position in shares of Allstate by 1.5% during the second quarter. Guerra Pan Advisors LLC now owns 3,426 shares of the insurance provider’s stock worth $690,000 after buying an additional 49 shares during the period. Rehmann Capital Advisory Group boosted its position in shares of Allstate by 3.2% during the first quarter. Rehmann Capital Advisory Group now owns 1,630 shares of the insurance provider’s stock worth $338,000 after buying an additional 51 shares during the period. Vantage Point Financial LLC boosted its position in shares of Allstate by 3.6% during the first quarter. Vantage Point Financial LLC now owns 1,495 shares of the insurance provider’s stock worth $310,000 after buying an additional 52 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Allstate by 4.7% during the second quarter. Parkside Financial Bank & Trust now owns 1,189 shares of the insurance provider’s stock worth $239,000 after buying an additional 53 shares during the period. Finally, L2 Asset Management LLC boosted its position in shares of Allstate by 4.8% during the second quarter. L2 Asset Management LLC now owns 1,168 shares of the insurance provider’s stock worth $235,000 after buying an additional 53 shares during the period. 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.