Allstate (NYSE:ALL) Reaches New 52-Week High – Here’s What Happened

The Allstate Corporation (NYSE:ALL)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $241.59 and last traded at $241.1420, with a volume of 123954 shares. The stock had previously closed at $239.61.

Wall Street Analysts Forecast Growth

ALL has been the subject of a number of recent analyst reports. Mizuho dropped their price objective on Allstate from $281.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Zacks Research lowered Allstate from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Wells Fargo & Company increased their price target on shares of Allstate from $229.00 to $243.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Weiss Ratings reissued a “buy (a-)” rating on shares of Allstate in a research note on Thursday, June 18th. Finally, Citigroup boosted their price objective on shares of Allstate from $221.00 to $226.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $240.33.

Allstate Stock Performance

The company has a market cap of $61.23 billion, a price-to-earnings ratio of 5.25, a price-to-earnings-growth ratio of 0.43 and a beta of 0.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a 50-day moving average price of $218.65 and a 200 day moving average price of $210.71.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The business had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. During the same quarter in the previous year, the business posted $3.53 EPS. Allstate’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts anticipate that The Allstate Corporation will post 29.75 EPS for the current fiscal year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Monday, June 1st. Allstate’s dividend payout ratio is 9.53%.

Insider Transactions at Allstate

In related news, insider Mark Q. Prindiville sold 1,550 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider directly owned 27,558 shares of the company’s stock, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 transaction, the chief operating officer directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,353 shares of company stock valued at $4,851,560 over the last quarter. Corporate insiders own 1.55% of the company’s stock.

Institutional Trading of Allstate

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Allstate in the 4th quarter valued at approximately $531,294,000. GQG Partners LLC grew its stake in shares of Allstate by 36.0% during 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 in the last quarter. Franklin Resources Inc. grew 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 acquiring an additional 1,131,172 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Allstate by 1,766.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider’s stock valued at $180,911,000 after purchasing an additional 822,583 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in shares of Allstate in the third quarter worth $148,641,000. 76.47% of the stock is currently owned by 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.