Allstate (NYSE:ALL) Cut to Hold at Wall Street Zen

Allstate (NYSE:ALL) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings restated a “buy (a-)” rating on shares of Allstate in a report on Thursday, June 18th. Morgan Stanley increased their target price on shares of Allstate from $215.00 to $240.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Citigroup lifted their target price on shares of Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Mizuho boosted their price target on shares of Allstate from $255.00 to $272.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Raymond James Financial upped their price target on shares of Allstate from $260.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Monday, July 6th. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $248.26.

Allstate Price Performance

Shares of NYSE ALL traded up $3.00 during trading hours on Friday, reaching $251.64. 1,041,559 shares of the stock traded hands, compared to its average volume of 1,803,435. The company has a market capitalization of $64.78 billion, a P/E ratio of 5.55, a price-to-earnings-growth ratio of 0.44 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. Allstate has a 52-week low of $188.08 and a 52-week high of $257.67. The company’s 50-day simple moving average is $224.15 and its two-hundred day simple moving average is $213.01.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The company had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $15.24 billion. During the same quarter in the previous year, the company posted $3.53 EPS. Allstate’s quarterly revenue was up 3.0% compared to the same quarter last year. Equities research analysts forecast that Allstate will post 29.99 EPS for the current year.

Insider Buying and Selling at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total value of $335,218.50. Following the sale, the insider owned 27,558 shares of the company’s stock, valued at $5,959,968.66. This trade represents a 5.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at approximately $17,991,267.60. This trade represents a 18.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,353 shares of company stock valued at $4,851,560 in the last quarter. Company insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On Allstate

A number of large investors have recently made changes to their positions in ALL. Tema ETFs LLC increased its stake in shares of Allstate by 24.3% during the second quarter. Tema ETFs LLC now owns 4,867 shares of the insurance provider’s stock valued at $1,158,000 after buying an additional 951 shares during the period. William Mack & Associates Inc. purchased a new stake in Allstate in the second quarter worth $227,000. Paladin Wealth LLC bought a new stake in Allstate in the second quarter valued at $206,000. Revolve Wealth Partners LLC increased its position in Allstate by 14.1% during the 2nd quarter. Revolve Wealth Partners LLC now owns 1,151 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 142 shares during the period. Finally, Allied Private Wealth LLC purchased a new position in Allstate during the 2nd quarter valued at $29,000. 76.47% of the stock is currently owned by institutional investors.

Key Headlines Impacting Allstate

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Mizuho raised its price target on Allstate to $272 from $255 and kept an outperform rating, signaling confidence that the stock still has upside from recent levels.
• Positive Sentiment: Several recent articles argued that Allstate looks undervalued after earnings and may benefit from a relatively favorable catastrophe year, which could help underwriting results and profits.
• Neutral Sentiment: Allstate declared a quarterly dividend of $1.08 per share, reinforcing shareholder returns but not necessarily changing the near-term trading story.
• Neutral Sentiment: Comparative coverage versus Progressive and other insurance peers kept attention on Allstate’s valuation, but this was more of a relative-stock discussion than a direct catalyst.
• Negative Sentiment: Oklahoma Attorney General Gentner Drummond sued Allstate, alleging the insurer defrauded customers, adding a fresh legal overhang that could raise compliance and settlement concerns. Article Title
• Negative Sentiment: Allstate also drew attention after accusing Broadcom of auditing it because it ended its VMware/CA relationship, another sign of ongoing legal or contractual friction. Article Title

About Allstate

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.