Allstate (NYSE:ALL) Shares Down 3.6% - Here's What Happened

Key Points

• Allstate shares fell 3.6% to about $234.12, with trading volume down 70% versus the average session. The stock remains below its 50-day moving average of $258.07 but above its 200-day average of $232.27.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $266.89; targets range from $240 to $319.
• Allstate reported quarterly EPS of $8.99, beating estimates by $2.93, while revenue rose 11.8% year over year to $18.60 billion. The company also declared a quarterly dividend of $1.08 per share, equivalent to a 1.9% annualized yield.

The Allstate Corporation (NYSE:ALL - Get Free Report)'s stock price traded down 3.6% on Tuesday . The stock traded as low as $231.01 and last traded at $234.1160. 509,453 shares were traded during trading, a decline of 70% from the average session volume of 1,673,541 shares. The stock had previously closed at $242.86.

Wall Street Analyst Weigh In

Several brokerages have commented on ALL. JPMorgan Chase & Co. lifted their price target on Allstate from $282.00 to $292.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Citigroup cut Allstate from a "neutral" rating to a "sell" rating and increased their price objective for the company from $226.00 to $240.00 in a research report on Tuesday, August 11th. Roth Capital set a $300.00 price objective on shares of Allstate in a research note on Thursday, August 6th. Cantor Fitzgerald boosted their target price on shares of Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Finally, Atlantic Securities set a $319.00 target price on shares of Allstate in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $266.89.

Allstate Stock Down 5.2%

The firm has a 50 day moving average of $258.07 and a 200-day moving average of $232.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $58.21 billion, a P/E ratio of 4.60, a price-to-earnings-growth ratio of 0.56 and a beta of 0.15.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.Allstate's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the firm earned $5.94 EPS. On average, equities research analysts expect that The Allstate Corporation will post 35.48 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be paid a dividend of $1.08 per share. The ex-dividend date is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a yield of 1.9%. Allstate's payout ratio is currently 8.63%.

Insider Buying and Selling at Allstate

In other news, insider John Dugenske sold 32,996 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the completion of the transaction, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the transaction, the chief operating officer directly owned 82,227 shares of the company's stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.55% of the company's stock.

Institutional Investors Weigh In On Allstate

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Allstate during the 2nd quarter worth approximately $5,439,448,000. Bank of America Corp DE bought a new position in Allstate in the 2nd quarter valued at $1,410,362,000. GQG Partners LLC acquired a new position in Allstate in the second quarter worth $1,245,710,000. Deutsche Bank AG acquired a new position in Allstate in the second quarter worth $1,008,648,000. Finally, Norges Bank bought a new stake in shares of Allstate during the fourth quarter worth $531,294,000. 76.47% of the stock is owned by institutional investors and hedge funds.

About Allstate

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate's roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.