Zacks Research Upgrades Allstate (NYSE:ALL) to "Strong-Buy"

Key Points

• Zacks Research upgraded Allstate from “hold” to “strong buy,” although the broader analyst consensus remains “hold” with an average price target of $265.53.
• Allstate reported quarterly EPS of $8.99, beating estimates of $6.06, while revenue rose 11.8% year over year to $15.43 billion.
• Insiders sold nearly 93,000 shares worth approximately $24.5 million over the past 90 days, while institutional investors own 76.47% of the company.

Allstate (NYSE:ALL - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on ALL. UBS Group raised their price target on shares of Allstate from $261.00 to $275.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Wall Street Zen upgraded Allstate from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. The Goldman Sachs Group reissued a "neutral" rating and issued a $280.00 target price on shares of Allstate in a report on Friday, August 7th. Cantor Fitzgerald boosted their price target on Allstate from $236.00 to $242.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, Citigroup downgraded Allstate from a "neutral" rating to a "sell" rating and upped their price target for the company from $226.00 to $240.00 in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $265.53.

Allstate Stock Performance

Shares of ALL stock opened at $261.27 on Monday. Allstate has a one year low of $188.08 and a one year high of $277.22. The company's 50-day moving average is $248.26 and its 200 day moving average is $223.92. The company has a market capitalization of $66.06 billion, a price-to-earnings ratio of 5.22, a price-to-earnings-growth ratio of 0.41 and a beta of 0.16. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last issued its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.06 by $2.93. The business had revenue of $15.43 billion during the quarter, compared to analysts' expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $5.94 earnings per share. Sell-side analysts expect that Allstate will post 34.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 transaction of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at approximately $451,474.75. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Mario Rizzo sold 56,225 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 92,996 shares of company stock worth $24,543,894. Company insiders own 1.55% of the company's stock.

Institutional Investors Weigh In On Allstate

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC boosted its stake in Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock worth $1,253,000 after purchasing an additional 2,443 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Allstate during the fourth quarter worth $231,000. WINTON GROUP Ltd bought a new position in shares of Allstate during the second quarter worth $210,000. Treasurer of the State of North Carolina grew its stake in Allstate by 2.5% during the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider's stock valued at $24,816,000 after acquiring an additional 3,051 shares in the last quarter. Finally, Ieq Capital LLC increased its holdings in Allstate by 20.1% in the 2nd quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider's stock valued at $7,713,000 after acquiring an additional 6,412 shares during the last quarter. 76.47% of the stock is owned by institutional investors.

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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