The Allstate Corporation (NYSE:ALL – Get Free Report)’s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $280.23 and last traded at $278.3380, with a volume of 533,481 shares. The stock had previously closed at $269.06.
The insurance provider reported $9.76 EPS for the quarter, beating the consensus estimate of $6.89 by $2.87. The business had revenue of $17.35 billion for the quarter, compared to the consensus estimate of $15.87 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%. The company’s revenue was up .5% compared to the same quarter last year. During the same period last year, the business posted $11.17 EPS.
Key Allstate News
Here are the key news stories impacting Allstate this week:
- Positive Sentiment: Allstate reported Q3 adjusted earnings of $9.76 per share, above analysts’ estimates of about $7, and added auto policies. Article: Allstate tops Q3 earnings estimates
- Neutral Sentiment: Revenue was $17.35 billion, up 0.5% year over year; coverage differed on how it compared with analyst expectations. Article: Allstate reports Q3 sales
- Negative Sentiment: Despite the EPS beat, net income fell about 45% year over year as catastrophe losses increased, a reminder that severe events can weigh heavily on results. Article: Allstate Q3 net income drops on higher catastrophe losses
- Negative Sentiment: Auto policies grew 3.4%, but the report also highlighted rising underlying loss costs while average premiums fell. That combination could squeeze underwriting margins if pricing does not keep pace with claims. Article: Allstate auto policies and loss costs
Analyst Ratings Changes
Several research firms have issued reports on ALL. Mizuho lowered their target price on shares of Allstate from $300.00 to $295.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 7th. Jefferies Financial Group reduced their price target on shares of Allstate from $310.00 to $292.00 and set a “buy” rating for the company in a research note on Tuesday, October 6th. Bank of America increased their price objective on shares of Allstate from $336.00 to $340.00 and gave the company a “buy” rating in a research report on Monday, October 12th. BMO Capital Markets raised their target price on shares of Allstate from $250.00 to $284.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. Finally, Evercore lifted their target price on shares of Allstate from $240.00 to $262.00 in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $270.19.
Get Our Latest Stock Report on Allstate
Insider Buying and Selling at Allstate
In other news, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the transaction, the chief operating officer owned 82,227 shares in the company, valued at $21,747,396.96. This trade represents a 40.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Dugenske sold 32,996 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the sale, the insider directly owned 13,054 shares of the company’s stock, valued at approximately $3,515,833.82. The trade was a 71.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.55% of the company’s stock.
Institutional Trading of Allstate
Hedge funds have recently bought and sold shares of the stock. Kendall Capital Management boosted its stake in Allstate by 2.4% in the third quarter. Kendall Capital Management now owns 1,730 shares of the insurance provider’s stock valued at $384,000 after acquiring an additional 40 shares in the last quarter. Insight Inv LLC increased its position in shares of Allstate by 0.3% during the third quarter. Insight Inv LLC now owns 13,682 shares of the insurance provider’s stock worth $3,035,000 after purchasing an additional 44 shares in the last quarter. Cornerstone Financial Management LLC increased its position in shares of Allstate by 24.9% during the second quarter. Cornerstone Financial Management LLC now owns 226 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 45 shares in the last quarter. Capital Advisors Inc. OK lifted its holdings in shares of Allstate by 2.6% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,827 shares of the insurance provider’s stock valued at $435,000 after purchasing an additional 46 shares during the last quarter. Finally, Providence Wealth Advisors LLC lifted its holdings in shares of Allstate by 0.3% during the 3rd quarter. Providence Wealth Advisors LLC now owns 13,887 shares of the insurance provider’s stock valued at $3,107,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 76.47% of the company’s stock.
Allstate Price Performance
The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The stock has a market cap of $70.28 billion, a price-to-earnings ratio of 5.54, a PEG ratio of 0.58 and a beta of 0.13. The stock has a 50-day moving average price of $245.85 and a two-hundred day moving average price of $229.15.
Allstate Company Profile
Allstate Corp. (NYSE: ALL) is an insurance company that provides protection products and related services primarily in the United States. Its offerings include automobile, homeowners, renters, condominium, motorcycle and other personal property and casualty insurance, distributed through agents, brokers, direct channels and digital platforms.
The company also provides roadside assistance, identity-protection services and protection plans for consumer products. Through its acquisition of National General, Allstate expanded its presence in independent-agent distribution and specialty personal insurance.
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