Allstate (NYSE:ALL) Reaches New 1-Year High on Analyst Upgrade

The Allstate Co. (NYSE:ALL) hit a new 52-week high during mid-day trading on Wednesday after Piper Sandler raised their price target on the stock from $206.00 to $244.00. Piper Sandler currently has an overweight rating on the stock. Allstate traded as high as $208.85 and last traded at $207.99, with a volume of 43324 shares trading hands. The stock had previously closed at $207.87.

Several other brokerages have also recently weighed in on ALL. Wells Fargo & Company increased their price target on Allstate from $175.00 to $186.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. BMO Capital Markets increased their target price on shares of Allstate from $205.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Barclays boosted their price target on shares of Allstate from $175.00 to $187.00 and gave the stock an “underweight” rating in a research report on Thursday, October 31st. Keefe, Bruyette & Woods increased their price objective on shares of Allstate from $222.00 to $225.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, UBS Group boosted their target price on shares of Allstate from $216.00 to $225.00 and gave the company a “buy” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $217.19.

Insider Transactions at Allstate

In other news, insider John E. Dugenske sold 36,367 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $191.38, for a total transaction of $6,959,916.46. Following the completion of the sale, the insider now directly owns 27,364 shares of the company’s stock, valued at $5,236,922.32. The trade was a 57.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Allstate

A number of hedge funds have recently added to or reduced their stakes in the stock. BDF Gestion bought a new stake in Allstate during the second quarter worth $3,051,000. OFI Invest Asset Management purchased a new stake in shares of Allstate in the second quarter valued at about $476,000. Diversified Trust Co lifted its position in shares of Allstate by 505.3% during the second quarter. Diversified Trust Co now owns 7,923 shares of the insurance provider’s stock valued at $1,265,000 after purchasing an additional 6,614 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Allstate by 351.6% during the first quarter. Cetera Investment Advisers now owns 65,221 shares of the insurance provider’s stock worth $11,284,000 after purchasing an additional 50,780 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its position in Allstate by 38.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 10,497 shares of the insurance provider’s stock worth $2,067,000 after purchasing an additional 2,888 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Allstate Stock Performance

The company’s 50 day simple moving average is $191.99 and its 200 day simple moving average is $178.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $55.36 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 1.80 and a beta of 0.48.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, October 30th. The insurance provider reported $3.91 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $1.71. Allstate had a return on equity of 26.67% and a net margin of 6.77%. The company had revenue of $16.63 billion during the quarter, compared to the consensus estimate of $14.57 billion. During the same period last year, the business posted $0.81 earnings per share. Allstate’s revenue was up 14.7% on a year-over-year basis. Analysts expect that The Allstate Co. will post 16.07 earnings per share for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, November 29th will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Friday, November 29th. Allstate’s dividend payout ratio (DPR) is currently 23.83%.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.