Allstate (NYSE:ALL) Shares Gap Up on Analyst Upgrade

The Allstate Co. (NYSE:ALL) shares gapped up before the market opened on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $205.00 to $207.00. The stock had previously closed at $184.91, but opened at $191.76. JPMorgan Chase & Co. currently has an overweight rating on the stock. Allstate shares last traded at $188.07, with a volume of 160,152 shares changing hands.

A number of other brokerages also recently commented on ALL. BMO Capital Markets raised their price target on Allstate from $191.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Bank of America dropped their target price on shares of Allstate from $226.00 to $216.00 and set a “buy” rating for the company in a research report on Thursday. TD Cowen lifted their target price on shares of Allstate from $193.00 to $224.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods increased their price target on shares of Allstate from $199.00 to $208.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $200.00 price objective on shares of Allstate in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Allstate currently has a consensus rating of “Moderate Buy” and an average price target of $199.24.

Insider Activity at Allstate

In related news, EVP Robert Toohey sold 16,682 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $180.17, for a total transaction of $3,005,595.94. Following the completion of the sale, the executive vice president now owns 4,873 shares of the company’s stock, valued at $877,968.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Robert Toohey sold 16,682 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $180.17, for a total transaction of $3,005,595.94. Following the transaction, the executive vice president now directly owns 4,873 shares of the company’s stock, valued at $877,968.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Suren Gupta sold 45,775 shares of Allstate stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $177.28, for a total value of $8,114,992.00. Following the completion of the sale, the insider now owns 89,930 shares of the company’s stock, valued at $15,942,790.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 238,305 shares of company stock valued at $43,082,657. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new position in shares of Allstate during the 1st quarter valued at $26,000. Northwest Investment Counselors LLC bought a new position in Allstate in the first quarter valued at about $26,000. Versant Capital Management Inc boosted its position in Allstate by 70.9% in the second quarter. Versant Capital Management Inc now owns 188 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Family Firm Inc. bought a new stake in shares of Allstate during the 2nd quarter valued at about $38,000. Finally, MCF Advisors LLC increased its position in shares of Allstate by 33.9% during the 2nd quarter. MCF Advisors LLC now owns 332 shares of the insurance provider’s stock valued at $53,000 after purchasing an additional 84 shares during the last quarter. Institutional investors own 76.47% of the company’s stock.

Allstate Stock Up 0.4 %

The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.49. The stock has a market cap of $49.00 billion, a P/E ratio of 40.97, a PEG ratio of 1.81 and a beta of 0.48. The company’s 50 day moving average price is $183.88 and its two-hundred day moving average price is $172.80.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share for the quarter, topping the consensus estimate of $0.33 by $1.28. Allstate had a net margin of 5.03% and a return on equity of 24.05%. The business had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $14.04 billion. During the same period last year, the firm earned ($4.42) earnings per share. The company’s quarterly revenue was up 12.4% on a year-over-year basis. Equities analysts forecast that The Allstate Co. will post 15.2 earnings per share for the current year.

Allstate Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, August 30th were issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Friday, August 30th. Allstate’s dividend payout ratio is presently 81.24%.

Allstate Company Profile

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.