Allstate (NYSE:ALL) Earns "Hold" Rating from Argus

Key Points

• Argus reaffirmed its “Hold” rating on Allstate, while analysts’ overall consensus remained “Hold,” with an average price target of $265.26.
• Allstate reported stronger-than-expected quarterly results, posting $8.99 in EPS versus the $6.06 consensus estimate and $18.60 billion in revenue, up 11.8% year over year.
• Insiders sold approximately $24.2 million of Allstate shares over the past 90 days, while institutional investors own 76.47% of the company.

Allstate (NYSE:ALL - Get Free Report)'s stock had its "hold" rating restated by analysts at Argus in a research report issued on Friday,Benzinga reports.

ALL has been the subject of several other reports. Zacks Research upgraded shares of Allstate from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Keefe, Bruyette & Woods reissued an "underperform" rating and issued a $250.00 price target (down from $255.00) on shares of Allstate in a research note on Thursday, August 20th. Atlantic Securities set a $319.00 price objective on shares of Allstate in a report on Wednesday, July 15th. Piper Sandler boosted their target price on Allstate from $268.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. Finally, Weiss Ratings lowered Allstate from a "buy (a)" rating to a "buy (a-)" rating in a research note on Tuesday. Four equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $265.26.

Allstate Price Performance

Allstate stock opened at $257.24 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The company's fifty day moving average price is $253.33 and its 200 day moving average price is $226.56. The stock has a market capitalization of $65.05 billion, a P/E ratio of 5.14, a P/E/G ratio of 0.40 and a beta of 0.16. Allstate has a 1 year low of $188.08 and a 1 year high of $277.22.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. During the same quarter in the prior year, the firm earned $5.94 EPS. The company's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, equities research analysts anticipate that Allstate will post 34.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Andrea Redmond sold 2,225 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the sale, the director directly owned 2,225 shares of the company's stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mario Rizzo sold 56,225 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the sale, the chief operating officer owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 91,446 shares of company stock valued at $24,208,675. 1.55% of the stock is currently owned by insiders.

Institutional Trading of Allstate

A number of hedge funds have recently added to or reduced their stakes in the stock. Advus Financial Partners LLC purchased a new stake in shares of Allstate during the second quarter worth approximately $351,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Allstate in the 2nd quarter valued at $57,962,000. California State Teachers Retirement System grew its position in Allstate by 24,845.7% in the 2nd quarter. California State Teachers Retirement System now owns 97,055,726 shares of the insurance provider's stock valued at $23,093,439,000 after buying an additional 96,666,658 shares during the last quarter. Ameritas Advisory Services LLC increased its stake in Allstate by 16.8% in the 2nd quarter. Ameritas Advisory Services LLC now owns 4,829 shares of the insurance provider's stock valued at $1,149,000 after buying an additional 695 shares during the period. Finally, Wedmont Private Capital raised its position in Allstate by 19.2% during the 2nd quarter. Wedmont Private Capital now owns 7,063 shares of the insurance provider's stock worth $1,777,000 after buying an additional 1,140 shares during the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

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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