Allstate (NYSE:ALL) Sets New 12-Month High – Here’s Why

The Allstate Corporation (NYSE:ALL)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $277.22 and last traded at $274.1640, with a volume of 1512982 shares traded. The stock had previously closed at $272.42.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Allstate from $263.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Evercore set a $240.00 price target on shares of Allstate in a research note on Friday, July 10th. Citigroup increased their price objective on shares of Allstate from $221.00 to $226.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Wall Street Zen raised shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Finally, Mizuho lifted their target price on shares of Allstate from $255.00 to $272.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $254.80.

Allstate Trading Down 0.3%

The company has a market capitalization of $68.09 billion, a P/E ratio of 5.84, a PEG ratio of 0.45 and a beta of 0.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. The business’s 50-day moving average price is $235.94 and its two-hundred day moving average price is $218.05.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. The business had revenue of $16.94 billion during the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.53 EPS. As a group, analysts forecast that The Allstate Corporation will post 30.74 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.6%. Allstate’s dividend payout ratio (DPR) is currently 9.53%.

Insider Activity

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at approximately $451,474.75. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On Allstate

Several large investors have recently made changes to their positions in the stock. State Street Corp lifted its position in Allstate by 3.7% in the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock valued at $2,571,600,000 after acquiring an additional 438,034 shares in the last quarter. Bank of America Corp DE increased its holdings in Allstate by 8.1% during the 1st quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock worth $1,640,748,000 after purchasing an additional 596,321 shares in the last quarter. GQG Partners LLC increased its holdings in Allstate by 36.0% during the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after purchasing an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Allstate by 29.2% in the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after purchasing an additional 1,131,172 shares during the period. Finally, Boston Partners raised its stake in shares of Allstate by 14.9% in the 3rd quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock valued at $654,652,000 after purchasing an additional 395,195 shares during the period. Institutional investors own 76.47% of the company’s stock.

Allstate Company Profile

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.