Allstate (NYSE:ALL) Downgraded to Hold Rating by Evercore ISI

Key Points

• Allstate was downgraded from a "strong-buy" rating to a "hold" rating by Evercore ISI, indicating a shift in sentiment towards the company's stock.
• Various analysts have differing views on Allstate, with ratings ranging from "strong buy" to "underweight" and a consensus price target of $231.56.
• In its latest earnings report, Allstate exceeded EPS expectations with $5.94, significantly higher than the estimated $3.20, despite revenue falling short of estimates.

Allstate (NYSE:ALL - Get Free Report) was downgraded by equities researchers at Evercore ISI from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

A number of other research firms also recently weighed in on ALL. Keefe, Bruyette & Woods increased their target price on shares of Allstate from $237.00 to $246.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Jefferies Financial Group increased their target price on shares of Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Barclays reissued an "underweight" rating and set a $198.00 target price (up previously from $188.00) on shares of Allstate in a research report on Thursday, July 31st. Wall Street Zen raised shares of Allstate from a "hold" rating to a "buy" rating in a research report on Tuesday, August 5th. Finally, Cantor Fitzgerald raised shares of Allstate to a "hold" rating in a research report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $231.56.

Allstate Stock Performance

Allstate stock opened at $211.00 on Wednesday. The business has a 50 day moving average of $204.10 and a 200-day moving average of $201.02. Allstate has a 1 year low of $176.00 and a 1 year high of $215.70. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $55.60 billion, a P/E ratio of 9.92, a P/E/G ratio of 0.84 and a beta of 0.38.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $16.59 billion. During the same quarter in the prior year, the firm posted $1.61 earnings per share. The firm's revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts predict that Allstate will post 18.74 earnings per share for the current year.

Hedge Funds Weigh In On Allstate

Institutional investors and hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC boosted its holdings in shares of Allstate by 30.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider's stock worth $2,352,000 after buying an additional 2,643 shares in the last quarter. Atlas Capital Advisors Inc. lifted its holdings in shares of Allstate by 197.3% in the 1st quarter. Atlas Capital Advisors Inc. now owns 6,712 shares of the insurance provider's stock worth $1,390,000 after purchasing an additional 4,454 shares in the last quarter. Richard Bernstein Advisors LLC bought a new position in shares of Allstate in the 1st quarter worth $3,341,000. Dock Street Asset Management Inc. bought a new position in shares of Allstate in the 1st quarter worth $207,000. Finally, First Citizens Bank & Trust Co. lifted its holdings in shares of Allstate by 5.5% in the 1st quarter. First Citizens Bank & Trust Co. now owns 57,499 shares of the insurance provider's stock worth $11,906,000 after purchasing an additional 2,981 shares in the last quarter. 76.47% of the stock is currently owned by institutional investors.

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.

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