Allstate (NYSE:ALL) Rating Lowered to Hold at Zacks Research

Allstate (NYSE:ALL) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks reports.

Several other equities analysts have also issued reports on ALL. Citigroup lowered Allstate from a “neutral” rating to a “sell” rating and boosted their price target for the company from $226.00 to $240.00 in a research note on Tuesday, August 11th. HSBC cut shares of Allstate from a “buy” rating to a “hold” rating and increased their price objective for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Atlantic Securities set a $319.00 price target on Allstate in a research note on Wednesday, July 15th. Barclays increased their price target on Allstate from $213.00 to $226.00 and gave the stock an “underweight” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company cut shares of Allstate from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $243.00 to $250.00 in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $266.74.

Allstate Stock Performance

Shares of Allstate stock opened at $255.13 on Tuesday. The company’s 50 day moving average price is $258.31 and its two-hundred day moving average price is $231.54. The firm has a market capitalization of $64.51 billion, a P/E ratio of 5.09, a P/E/G ratio of 0.58 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. Allstate has a fifty-two week low of $188.08 and a fifty-two week high of $277.22.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating analysts’ consensus estimates of $6.06 by $2.93. The firm had revenue of $18.60 billion for the quarter, compared to analyst estimates of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.94 EPS. On average, equities analysts forecast that Allstate will post 35.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Mario Rizzo sold 56,225 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the completion of the transaction, the chief operating officer owned 82,227 shares in the company, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Dugenske sold 32,996 shares of Allstate stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $269.33, for a total value of $8,886,812.68. Following the completion of the sale, the insider directly owned 13,054 shares of the company’s stock, valued at approximately $3,515,833.82. This trade represents a 71.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Bouchey Financial Group Ltd. boosted its holdings in shares of Allstate by 8.5% in the second quarter. Bouchey Financial Group Ltd. now owns 1,689 shares of the insurance provider’s stock worth $404,000 after acquiring an additional 132 shares during the period. Blue Edge Capital LLC purchased a new stake in Allstate during the 2nd quarter worth about $204,000. Sequoia Financial Advisors LLC boosted its stake in Allstate by 56.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 27,857 shares of the insurance provider’s stock worth $6,628,000 after purchasing an additional 10,087 shares during the period. Tidal Investments LLC grew its holdings in Allstate by 7.2% during the 2nd quarter. Tidal Investments LLC now owns 75,684 shares of the insurance provider’s stock valued at $18,008,000 after buying an additional 5,051 shares in the last quarter. Finally, MCF Advisors LLC grew its holdings in Allstate by 4.6% during the 2nd quarter. MCF Advisors LLC now owns 3,347 shares of the insurance provider’s stock valued at $800,000 after buying an additional 146 shares in the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Company Profile

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate’s roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.