Allstate Corporation (The) (NYSE:ALL) PT Raised to $102.00 at Citigroup Inc.
Allstate Corporation (The) (NYSE:ALL) had its price target hoisted by investment analysts at Citigroup Inc. from $97.00 to $102.00 in a report issued on Thursday, July 13th. The brokerage presently has a “buy” rating on the insurance provider’s stock. Citigroup Inc.’s target price suggests a potential upside of 8.27% from the stock’s previous close.
Other research analysts have also recently issued research reports about the company. Wells Fargo & Company restated a “buy” rating on shares of Allstate Corporation (The) in a research note on Saturday, June 24th. MKM Partners reaffirmed a “buy” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Allstate Corporation (The) in a report on Thursday, May 4th. BidaskClub lowered Allstate Corporation (The) from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $91.00 price objective (up previously from $85.00) on shares of Allstate Corporation (The) in a report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $88.00 price target on shares of Allstate Corporation (The) in a report on Friday, June 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Allstate Corporation (The) currently has a consensus rating of “Hold” and a consensus price target of $89.38.
Shares of Allstate Corporation (NYSE ALL) opened at 94.21 on Thursday. The company has a market cap of $34.04 billion, a price-to-earnings ratio of 13.92 and a beta of 1.10. Allstate Corporation has a one year low of $66.55 and a one year high of $94.49. The firm’s 50-day moving average is $89.51 and its 200-day moving average is $83.65.
Allstate Corporation (The) (NYSE:ALL) last posted its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The firm had revenue of $8.02 billion during the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter in the previous year, the business earned $0.62 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. Analysts expect that Allstate Corporation will post $6.44 EPS for the current fiscal year.
Allstate Corporation (The) declared that its board has approved a share repurchase plan on Tuesday, August 1st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 63% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
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In related news, CFO Steven E. Shebik sold 35,197 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $94.28, for a total value of $3,318,373.16. Following the transaction, the chief financial officer now owns 127,560 shares of the company’s stock, valued at $12,026,356.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Matthew E. Winter sold 33,957 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $84.38, for a total value of $2,865,291.66. The disclosure for this sale can be found here. In the last three months, insiders sold 218,162 shares of company stock worth $19,450,439. 1.58% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of ALL. Henderson Group PLC raised its stake in shares of Allstate Corporation (The) by 1.1% in the first quarter. Henderson Group PLC now owns 47,317 shares of the insurance provider’s stock valued at $3,855,000 after buying an additional 500 shares in the last quarter. FCA Corp TX raised its position in shares of Allstate Corporation (The) by 0.7% in the first quarter. FCA Corp TX now owns 25,241 shares of the insurance provider’s stock worth $2,057,000 after buying an additional 180 shares during the period. Paragon Capital Management Ltd purchased a new position in shares of Allstate Corporation (The) during the first quarter worth about $222,000. IFP Advisors Inc raised its position in shares of Allstate Corporation (The) by 5.8% in the first quarter. IFP Advisors Inc now owns 12,623 shares of the insurance provider’s stock worth $1,029,000 after buying an additional 695 shares during the period. Finally, State Street Corp raised its position in shares of Allstate Corporation (The) by 3.0% in the first quarter. State Street Corp now owns 18,074,304 shares of the insurance provider’s stock worth $1,472,962,000 after buying an additional 530,591 shares during the period. Hedge funds and other institutional investors own 77.04% of the company’s stock.
Allstate Corporation (The) Company Profile
The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.
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