Allstate (NYSE:ALL) Hits New 52-Week High After Analyst Upgrade

Key Points

• Allstate's stock reached a new 52-week high after an upgrade from BMO Capital Markets, which raised its price target from $230.00 to $235.00, contributing to a current trading price of $213.59.
• Multiple analysts are bullish on Allstate, with ratings that include one Strong Buy, thirteen Buy, three Hold, and one Sell, indicating overall confidence in the stock.
• Allstate announced a quarterly dividend of $1.00, yielding 1.9%, with a payout ratio of 18.81%, reflecting a commitment to returning value to its shareholders.

The Allstate Corporation (NYSE:ALL - Get Free Report)'s share price hit a new 52-week high on Wednesday after BMO Capital Markets raised their price target on the stock from $230.00 to $235.00. BMO Capital Markets currently has an outperform rating on the stock. Allstate traded as high as $214.55 and last traded at $213.59, with a volume of 235312 shares. The stock had previously closed at $210.38.

Several other research firms have also commented on ALL. Cantor Fitzgerald raised Allstate to a "hold" rating in a research report on Wednesday, August 13th. Wall Street Zen raised Allstate from a "hold" rating to a "buy" rating in a research report on Tuesday, August 5th. Jefferies Financial Group raised their price objective on Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Evercore ISI raised their price objective on Allstate from $227.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Keefe, Bruyette & Woods raised their price objective on Allstate from $237.00 to $246.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Allstate has an average rating of "Moderate Buy" and a consensus target price of $230.73.

Hedge Funds Weigh In On Allstate

A number of hedge funds have recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. acquired a new position in Allstate in the second quarter worth about $214,000. Advisory Services Network LLC grew its stake in Allstate by 1.1% in the second quarter. Advisory Services Network LLC now owns 9,326 shares of the insurance provider's stock worth $1,895,000 after purchasing an additional 105 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in Allstate in the second quarter worth about $363,000. Geneos Wealth Management Inc. grew its stake in Allstate by 59.5% in the second quarter. Geneos Wealth Management Inc. now owns 3,843 shares of the insurance provider's stock worth $774,000 after purchasing an additional 1,433 shares in the last quarter. Finally, CYBER HORNET ETFs LLC acquired a new position in Allstate in the second quarter worth about $138,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Stock Performance

The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a 50 day simple moving average of $198.56 and a 200 day simple moving average of $198.71. The company has a market capitalization of $56.36 billion, a price-to-earnings ratio of 10.04, a P/E/G ratio of 0.84 and a beta of 0.35.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, beating 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 the consensus estimate of $16.59 billion. During the same period in the previous year, the firm posted $1.61 earnings per share. Allstate's quarterly revenue was up 5.8% compared to the same quarter last year. As a group, analysts anticipate that The Allstate Corporation will post 18.74 earnings per share for the current fiscal year.

Allstate Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 29th. Allstate's payout ratio is presently 18.81%.

Allstate Company Profile

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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