Allstate (NYSE:ALL) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Allstate (NYSE:ALL - Free Report) from a buy rating to a hold rating in a research note published on Monday morning.

ALL has been the topic of several other research reports. Wells Fargo & Company boosted their price target on shares of Allstate from $186.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, January 14th. Argus raised shares of Allstate from a "hold" rating to a "buy" rating in a research report on Monday, March 3rd. Keefe, Bruyette & Woods lifted their price objective on Allstate from $235.00 to $240.00 and gave the company an "outperform" rating in a report on Tuesday, February 11th. Evercore ISI upgraded Allstate from an "in-line" rating to an "outperform" rating in a research note on Wednesday, January 8th. Finally, Barclays cut their target price on Allstate from $187.00 to $183.00 and set an "underweight" rating for the company in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $219.80.

Remove Ads

Allstate Stock Performance

Shares of NYSE ALL traded down $0.06 during mid-day trading on Monday, hitting $205.37. The company had a trading volume of 2,009,291 shares, compared to its average volume of 1,577,204. Allstate has a 12 month low of $156.66 and a 12 month high of $212.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40. The firm has a market cap of $54.43 billion, a P/E ratio of 12.09, a PEG ratio of 1.01 and a beta of 0.47. The business's 50-day simple moving average is $196.94 and its 200-day simple moving average is $194.28.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, topping analysts' consensus estimates of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. As a group, analysts predict that Allstate will post 18.74 earnings per share for the current fiscal year.

Allstate declared that its Board of Directors has initiated a share buyback program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

Allstate Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Monday, March 10th. This is a boost from Allstate's previous quarterly dividend of $0.92. Allstate's dividend payout ratio (DPR) is presently 23.54%.

Insider Activity

In related news, CFO Jesse E. Merten sold 40,102 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $186.53, for a total value of $7,480,226.06. Following the completion of the transaction, the chief financial officer now owns 18,115 shares in the company, valued at $3,378,990.95. The trade was a 68.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Allstate

Several hedge funds and other institutional investors have recently made changes to their positions in ALL. Versant Capital Management Inc boosted its holdings in Allstate by 102.6% in the first quarter. Versant Capital Management Inc now owns 778 shares of the insurance provider's stock valued at $161,000 after acquiring an additional 394 shares during the last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Allstate by 5.8% in the 1st quarter. Central Pacific Bank Trust Division now owns 9,281 shares of the insurance provider's stock valued at $1,922,000 after purchasing an additional 509 shares during the last quarter. First Hawaiian Bank acquired a new stake in shares of Allstate during the 1st quarter worth approximately $476,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Allstate by 21.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 118,319 shares of the insurance provider's stock worth $22,811,000 after buying an additional 21,149 shares during the period. Finally, NorthCrest Asset Manangement LLC lifted its holdings in Allstate by 1.6% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 11,121 shares of the insurance provider's stock valued at $2,144,000 after buying an additional 174 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.