Allstate (NYSE:ALL) Releases Quarterly Earnings Results, Beats Estimates By $3.12 EPS

Key Points

• Allstate reported adjusted EPS of $10.65, beating consensus by $3.12, and revenue of $16.94 billion versus $14.95 billion, with a return on equity of 39.2% and a net margin of 15.19%.
• The company raised its quarterly dividend to $1.08 (annualized $4.32), implying a ~2.0% yield and a low dividend payout ratio of 11.31%.
• Shares slipped to $212.48 intraday despite the beat; Allstate trades at a PE of 5.56 with a $54.9 billion market cap and has a consensus analyst target of $238.65 ("Moderate Buy").

Allstate (NYSE:ALL - Get Free Report) posted its quarterly earnings data on Wednesday. The insurance provider reported $10.65 earnings per share for the quarter, topping the consensus estimate of $7.53 by $3.12, FiscalAI reports. The company had revenue of $16.94 billion during the quarter, compared to analysts' expectations of $14.95 billion. Allstate had a return on equity of 39.20% and a net margin of 15.19%.

Allstate Price Performance

Shares of NYSE ALL traded down $3.92 during mid-day trading on Wednesday, hitting $212.48. 1,370,752 shares of the stock traded hands, compared to its average volume of 1,595,122. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.37 and a quick ratio of 0.37. Allstate has a twelve month low of $188.08 and a twelve month high of $219.48. The company has a market cap of $54.87 billion, a PE ratio of 5.56, a price-to-earnings-growth ratio of 0.44 and a beta of 0.22. The firm has a 50 day simple moving average of $210.01 and a two-hundred day simple moving average of $205.75.

Allstate Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 2nd were issued a dividend of $1.08 per share. This is a positive change from Allstate's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $4.32 annualized dividend and a dividend yield of 2.0%. Allstate's dividend payout ratio (DPR) is 11.31%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ALL. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $231.00 price objective on shares of Allstate in a research report on Thursday, March 5th. Zacks Research downgraded shares of Allstate from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Weiss Ratings raised Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, March 23rd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $260.00 price objective on shares of Allstate in a research report on Tuesday, March 3rd. Finally, Citigroup increased their target price on Allstate from $216.00 to $221.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 10th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Allstate has an average rating of "Moderate Buy" and a consensus target price of $238.65.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GQG Partners LLC lifted its holdings in 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 buying an additional 1,452,993 shares during the period. Woodline Partners LP acquired a new position in Allstate during the 3rd quarter worth about $148,641,000. First Trust Advisors LP lifted its holdings in Allstate by 57.7% during the 4th quarter. First Trust Advisors LP now owns 1,710,153 shares of the insurance provider's stock worth $355,968,000 after buying an additional 625,633 shares during the period. Lazard Asset Management LLC lifted its holdings in Allstate by 451.3% during the 4th quarter. Lazard Asset Management LLC now owns 671,379 shares of the insurance provider's stock worth $139,748,000 after buying an additional 549,597 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Allstate by 52.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,385,901 shares of the insurance provider's stock worth $279,062,000 after buying an additional 478,598 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

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.

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