Allstate Corp. (ALL) Receives “Overweight” Rating from Barclays PLC
Barclays PLC reaffirmed their overweight rating on shares of Allstate Corp. (NYSE:ALL) in a research note released on Friday morning. Barclays PLC currently has a $79.00 target price on the stock, up from their prior target price of $74.00.
A number of other research firms have also recently weighed in on ALL. Zacks Investment Research cut shares of Allstate Corp. from a hold rating to a sell rating in a research note on Tuesday, July 12th. Credit Suisse Group AG set a $73.00 price objective on shares of Allstate Corp. and gave the company a buy rating in a research note on Tuesday, August 23rd. Argus reissued a buy rating and issued a $76.00 price objective on shares of Allstate Corp. in a research note on Friday, September 2nd. Deutsche Bank AG increased their price objective on shares of Allstate Corp. from $77.00 to $78.00 and gave the company a buy rating in a research note on Thursday, August 4th. Finally, William Blair reissued an underperform rating on shares of Allstate Corp. in a research note on Saturday, September 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of GBX 72 ($0.94).
Allstate Corp. (NYSE:ALL) opened at 69.18 on Friday. Allstate Corp. has a 1-year low of $56.03 and a 1-year high of $70.38. The stock has a market capitalization of $25.70 billion, a P/E ratio of 17.42 and a beta of 0.95. The stock has a 50 day moving average of $68.65 and a 200 day moving average of $67.82.
Allstate Corp. (NYSE:ALL) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.04. Allstate Corp. had a net margin of 4.63% and a return on equity of 9.94%. The business had revenue of $9.16 billion for the quarter, compared to analysts’ expectations of $8.14 billion. During the same period in the prior year, the company posted $0.63 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, analysts expect that Allstate Corp. will post $4.39 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Wednesday, August 31st will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.91%. The ex-dividend date is Monday, August 29th. Allstate Corp.’s dividend payout ratio (DPR) is 33.59%.
In other Allstate Corp. news, insider Harriet K. Harty sold 6,779 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of GBX 68.64 ($0.90), for a total value of £4,653.11 ($6,073.76). Following the completion of the sale, the insider now owns 12,316 shares of the company’s stock, valued at £8,453.70 ($11,034.72). The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sanjay Gupta sold 9,137 shares of the stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of GBX 70 ($0.91), for a total transaction of £6,395.90 ($8,348.65). The disclosure for this sale can be found here. 1.58% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. CIBC World Markets Inc. increased its stake in Allstate Corp. by 6.0% in the first quarter. CIBC World Markets Inc. now owns 36,225 shares of the company’s stock worth $2,440,000 after buying an additional 2,057 shares during the last quarter. Pacad Investment Ltd. increased its stake in Allstate Corp. by 4.8% in the first quarter. Pacad Investment Ltd. now owns 17,519 shares of the company’s stock worth $1,180,000 after buying an additional 799 shares during the last quarter. Ngam Advisors L.P. increased its stake in Allstate Corp. by 10.1% in the first quarter. Ngam Advisors L.P. now owns 75,749 shares of the company’s stock worth $5,104,000 after buying an additional 6,951 shares during the last quarter. Teachers Advisors Inc. increased its stake in Allstate Corp. by 2.4% in the first quarter. Teachers Advisors Inc. now owns 828,626 shares of the company’s stock worth $55,825,000 after buying an additional 19,379 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Allstate Corp. by 29.1% in the first quarter. Prudential Financial Inc. now owns 2,123,965 shares of the company’s stock worth $143,092,000 after buying an additional 479,170 shares during the last quarter. 76.38% of the stock is owned by institutional investors and hedge funds.
About Allstate Corp.
The Allstate Corporation is a holding company for Allstate Insurance Company. The Company and its subsidiaries, including Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries (collectively, Allstate) are engaged in the property-liability insurance and life insurance business.
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