Allstate (NYSE:ALL) Reaches New 12-Month High - What's Next?

Key Points

• Allstate shares hit a new 52-week high of $228.85, extending recent momentum as the stock moved above its prior close of $222.56.
• The company posted better-than-expected quarterly results, with EPS of $10.65 versus $7.31 expected and revenue of $16.94 billion, while analysts now forecast full-year EPS of 29.55.
• Despite the rally, analyst opinions remain mixed: the stock carries a Moderate Buy consensus with an average price target of $240.33, though Keefe, Bruyette & Woods recently cut its rating to market perform.

The Allstate Corporation (NYSE:ALL - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $228.85 and last traded at $228.8690, with a volume of 242682 shares changing hands. The stock had previously closed at $222.56.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ALL. Piper Sandler reaffirmed an "overweight" rating on shares of Allstate in a research note on Thursday, May 28th. Keefe, Bruyette & Woods lowered shares of Allstate from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $266.00 to $242.00 in a report on Monday, June 8th. Weiss Ratings restated a "buy (a-)" rating on shares of Allstate in a research report on Thursday. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $231.00 price objective on shares of Allstate in a report on Thursday, March 5th. Finally, Citigroup lifted their target price on shares of Allstate from $221.00 to $226.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Three investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $240.33.

Allstate Price Performance

The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $59.20 billion, a PE ratio of 5.07, a PEG ratio of 0.39 and a beta of 0.18. The company has a 50-day moving average of $216.11 and a 200 day moving average of $209.32.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts' consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter last year, the firm posted $3.53 EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts predict that The Allstate Corporation will post 29.55 EPS for the current year.

Allstate Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given a dividend of $1.08 per share. The ex-dividend date is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a yield of 1.9%. Allstate's payout ratio is presently 9.53%.

Insider Activity at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the firm's stock in a transaction that occurred 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 transaction, the insider directly owned 27,558 shares of the company's stock, valued at $5,959,968.66. This trade represents a 5.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the transaction, the director owned 2,225 shares in the company, valued at approximately $451,474.75. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 22,353 shares of company stock valued at $4,851,560. Corporate insiders own 1.55% of the company's stock.

Hedge Funds Weigh In On Allstate

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALL. Sapient Capital LLC grew its holdings in Allstate by 28.7% in the 1st quarter. Sapient Capital LLC now owns 1,544 shares of the insurance provider's stock valued at $322,000 after buying an additional 344 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services raised its holdings in shares of Allstate by 13.4% during the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 18,447 shares of the insurance provider's stock worth $3,825,000 after acquiring an additional 2,174 shares during the period. Farmers National Bank boosted its position in shares of Allstate by 2.1% during the 1st quarter. Farmers National Bank now owns 26,242 shares of the insurance provider's stock valued at $5,441,000 after acquiring an additional 548 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Allstate by 11.9% during the 1st quarter. Parallel Advisors LLC now owns 8,615 shares of the insurance provider's stock valued at $1,786,000 after acquiring an additional 919 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Allstate by 12.9% in the first quarter. NewEdge Advisors LLC now owns 38,693 shares of the insurance provider's stock valued at $8,023,000 after purchasing an additional 4,432 shares during the period. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Company Profile

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.

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