Allstate (NYSE:ALL) Reaches New 1-Year High - Here's Why

The Allstate Co. (NYSE:ALL - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $210.35 and last traded at $209.38, with a volume of 311856 shares changing hands. The stock had previously closed at $207.49.

Wall Street Analyst Weigh In

ALL has been the topic of a number of recent research reports. Argus raised Allstate from a "hold" rating to a "buy" rating in a research report on Monday, March 3rd. Barclays dropped their target price on shares of Allstate from $187.00 to $183.00 and set an "underweight" rating on the stock in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target on shares of Allstate from $235.00 to $240.00 and gave the company an "outperform" rating in a report on Tuesday, February 11th. Piper Sandler increased their price objective on shares of Allstate from $206.00 to $244.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Allstate from $186.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Allstate presently has an average rating of "Moderate Buy" and an average price target of $217.94.

Allstate Stock Performance

The firm's 50-day simple moving average is $193.24 and its two-hundred day simple moving average is $192.94. The company has a market cap of $54.76 billion, a PE ratio of 12.16, a P/E/G ratio of 1.01 and a beta of 0.47. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42.

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Allstate (NYSE:ALL - Get Free Report) last released its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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, research analysts anticipate that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.

Allstate Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be issued a dividend of $1.00 per share. This is an increase from Allstate's previous quarterly dividend of $0.92. The ex-dividend date is Monday, March 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.94%. Allstate's payout ratio is 23.54%.

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

Insiders Place Their Bets

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the sale, the chief financial officer now directly owns 18,115 shares of the company's stock, valued at approximately $3,378,990.95. This trade represents a 68.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Allstate

A number of hedge funds have recently modified their holdings of ALL. VSM Wealth Advisory LLC acquired a new position in Allstate in the fourth quarter valued at approximately $25,000. FSA Wealth Management LLC acquired a new position in shares of Allstate in the 3rd quarter valued at $26,000. Twin Tree Management LP purchased a new stake in Allstate during the fourth quarter worth $27,000. Vision Financial Markets LLC acquired a new stake in Allstate during the fourth quarter valued at $29,000. Finally, Hopwood Financial Services Inc. purchased a new position in Allstate in the fourth quarter valued at $29,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

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.