Allstate (NYSE:ALL) Reaches New 1-Year High – Here’s Why

The Allstate Corporation (NYSE:ALL) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $277.22 and last traded at $274.1640, with a volume of 1512982 shares trading hands. The stock had previously closed at $272.42.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ALL shares. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Allstate in a research note on Thursday, June 18th. Piper Sandler restated an “overweight” rating on shares of Allstate in a report on Thursday, May 28th. Raymond James Financial upped their target price on Allstate from $260.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 6th. Barclays increased their target price on Allstate from $203.00 to $213.00 and gave the stock an “underweight” rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted 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. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $254.80.

Allstate Stock Performance

The firm has a market cap of $70.58 billion, a P/E ratio of 6.05, a PEG ratio of 0.47 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 0.25. The company’s 50-day moving average is $233.97 and its two-hundred day moving average is $217.36.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The firm had revenue of $16.94 billion during the quarter, compared to analyst estimates of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.53 EPS. As a group, equities analysts predict that The Allstate Corporation will post 30.69 EPS for the current fiscal year.

Allstate Dividend Announcement

The business 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 dividend of $1.08 per share. The ex-dividend date is Monday, August 31st. This represents a $4.32 annualized dividend and a yield of 1.6%. Allstate’s dividend payout ratio is 9.53%.

Insider Activity at Allstate

In other Allstate news, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the sale, the chief operating officer owned 82,227 shares of the company’s stock, valued at approximately $17,991,267.60. The trade was a 18.43% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MV Capital Management Inc. purchased a new stake in Allstate in the 4th quarter valued at about $25,000. Dorato Capital Management purchased a new position in shares of Allstate in the 4th quarter worth approximately $27,000. Navalign LLC purchased a new position in shares of Allstate in the 4th quarter worth approximately $27,000. Evolution Wealth Management Inc. grew its holdings in shares of Allstate by 7,000.0% in the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 140 shares in the last quarter. Finally, Allied Private Wealth LLC bought a new position in shares of Allstate in the second quarter valued at approximately $29,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

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.