Allstate (NYSE:ALL) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Allstate from “buy” to “strong-buy,” while analysts’ overall consensus remains “hold” with an average price target of $270.19.
• Allstate reported stronger-than-expected quarterly results, posting $8.99 in EPS versus the $6.06 estimate and $18.60 billion in revenue, up 11.8% year over year.
• Institutional investors own 76.47% of Allstate, with several hedge funds increasing their positions; meanwhile, two company insiders sold sizable portions of their holdings.

Allstate (NYSE:ALL - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on ALL. HSBC raised Allstate from a "hold" rating to a "buy" rating and set a $266.00 price target for the company in a report on Wednesday, October 7th. Weiss Ratings raised Allstate from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday. Jefferies Financial Group lowered their price objective on Allstate from $310.00 to $292.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. Argus set a $238.00 target price on Allstate in a report on Friday, August 28th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $315.00 target price (up from $300.00) on shares of Allstate in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $270.19.

Allstate Stock Up 3.2%

Shares of ALL opened at $247.27 on Friday. The stock has a 50 day moving average price of $246.77 and a 200 day moving average price of $235.04. Allstate has a one year low of $188.08 and a one year high of $277.22. 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 stock has a market capitalization of $62.52 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.53 and a beta of 0.13.

Allstate (NYSE:ALL - Get Free Report) last released its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping analysts' consensus estimates of $6.06 by $2.93. The business had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business's revenue was up 11.8% on a year-over-year basis. During the same period last year, the company posted $5.94 EPS. Equities research analysts forecast that Allstate will post 36.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider John Dugenske sold 32,996 shares of Allstate stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the sale, the insider owned 13,054 shares of the company's stock, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the sale, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their position. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allstate

A number of hedge funds have recently modified their holdings of ALL. Vontobel Holding Ltd. boosted its stake in Allstate by 1,423.8% during the third quarter. Vontobel Holding Ltd. now owns 696,914 shares of the insurance provider's stock worth $154,617,000 after buying an additional 651,179 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in shares of Allstate by 3.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 24,270 shares of the insurance provider's stock worth $5,448,000 after acquiring an additional 897 shares during the last quarter. Hanson & Doremus Investment Management boosted its position in shares of Allstate by 4.9% during the 3rd quarter. Hanson & Doremus Investment Management now owns 2,302 shares of the insurance provider's stock worth $506,000 after purchasing an additional 107 shares during the period. Pension & Wealth Management Advisors Inc. boosted its position in shares of Allstate by 37.6% during the 3rd quarter. Pension & Wealth Management Advisors Inc. now owns 926 shares of the insurance provider's stock worth $204,000 after purchasing an additional 253 shares during the period. Finally, Annex Advisory Services LLC increased its holdings in Allstate by 1,534.7% in the 3rd quarter. Annex Advisory Services LLC now owns 27,006 shares of the insurance provider's stock valued at $5,992,000 after purchasing an additional 25,354 shares during the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Company Profile

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.

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