Allstate (NYSE:ALL) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Allstate (NYSE:ALL) from a hold rating to a buy rating in a research note released on Wednesday, January 3rd. They currently have $114.00 price target on the insurance provider’s stock.
According to Zacks, “Allstate’s shares have outperformed the industry, in a year's time. The company is poised to grow on the back of its well-performing property and liability segment. A number of initiatives undertaken to improve profitability in the auto segment will drive long-term growth. A strong balance sheet and intelligent capital management are the other positives. The acquisition of SquareTrade will diversify the company's operations. The stock has seen the Zacks Consensus Estimate for 2018 earnings being revised 2% upward over the last 60 days. Allstate is nevertheless faced with exposure to catastrophe losses, owing to its large property insurance business. The underperforming brand Encompass is another drag.”
Several other equities research analysts also recently weighed in on ALL. Citigroup reduced their price objective on shares of Allstate from $107.00 to $106.00 and set a buy rating for the company in a report on Monday, October 2nd. B. Riley reaffirmed a neutral rating on shares of Allstate in a report on Monday, November 6th. UBS Group reduced their price objective on shares of Allstate from $94.00 to $93.00 and set a neutral rating for the company in a report on Tuesday, September 19th. Wells Fargo & Co reaffirmed a buy rating and issued a $105.00 price objective on shares of Allstate in a report on Thursday, November 2nd. Finally, Credit Suisse Group upped their price objective on shares of Allstate from $91.00 to $95.00 and gave the stock a neutral rating in a report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $96.43.
Allstate (NYSE:ALL) last posted its quarterly earnings data on Wednesday, November 1st. The insurance provider reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.01). The company had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.07 billion. Allstate had a return on equity of 13.11% and a net margin of 7.32%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.26 EPS. sell-side analysts expect that Allstate will post 6.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, November 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Wednesday, November 29th. Allstate’s dividend payout ratio (DPR) is presently 20.56%.
In other Allstate news, insider Suren Gupta sold 103,242 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $98.68, for a total value of $10,187,920.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Thomas J. Wilson sold 195,000 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $99.13, for a total value of $19,330,350.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 432,242 shares of company stock worth $42,827,931. 1.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ALL. Arrow Financial Corp raised its holdings in Allstate by 100.0% during the 3rd quarter. Arrow Financial Corp now owns 1,106 shares of the insurance provider’s stock worth $102,000 after buying an additional 553 shares during the period. Sandy Spring Bank raised its holdings in Allstate by 2.5% during the 2nd quarter. Sandy Spring Bank now owns 1,165 shares of the insurance provider’s stock worth $103,000 after buying an additional 28 shares during the period. Jackson Grant Investment Advisers Inc. raised its holdings in Allstate by 0.4% during the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 1,216 shares of the insurance provider’s stock worth $108,000 after buying an additional 5 shares during the period. IHT Wealth Management LLC raised its holdings in Allstate by 46.6% during the 2nd quarter. IHT Wealth Management LLC now owns 1,275 shares of the insurance provider’s stock worth $113,000 after buying an additional 405 shares during the period. Finally, Financial Engines Advisors L.L.C. acquired a new stake in Allstate during the 3rd quarter worth about $116,000. Hedge funds and other institutional investors own 76.64% of the company’s stock.
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The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.
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