Argus Upgrades Allstate (NYSE:ALL) to Buy

Allstate (NYSE:ALL - Get Free Report) was upgraded by analysts at Argus from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Monday, MarketBeat.com reports.

A number of other brokerages have also commented on ALL. Piper Sandler raised their target price on shares of Allstate from $206.00 to $244.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods increased 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. UBS Group raised their price target on shares of Allstate from $216.00 to $225.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Wells Fargo & Company raised their price objective on Allstate from $186.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 14th. Finally, Barclays dropped their price objective on shares of Allstate from $187.00 to $183.00 and set an "underweight" rating on the stock in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Allstate currently has a consensus rating of "Moderate Buy" and an average target price of $217.94.

Allstate Stock Up 0.3 %

Shares of ALL traded up $0.62 during trading hours on Monday, hitting $199.65. The company had a trading volume of 1,598,232 shares, compared to its average volume of 1,862,651. Allstate has a 52-week low of $154.76 and a 52-week high of $209.88. The stock has a market capitalization of $52.91 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 1.01 and a beta of 0.52. The firm has a fifty day moving average price of $190.58 and a 200-day moving average price of $191.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.36.

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

Allstate announced that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Allstate

In related news, CFO Jesse E. Merten sold 40,102 shares of the firm'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 transaction of $7,480,226.06. Following the transaction, the chief financial officer now 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.80% of the company's stock.

Institutional Trading of Allstate

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its position in shares of Allstate by 157.9% during the 4th quarter. Bank of America Corp DE now owns 6,591,138 shares of the insurance provider's stock worth $1,270,705,000 after buying an additional 4,035,629 shares during the period. Norges Bank acquired a new stake in shares of Allstate during the 4th quarter worth approximately $344,354,000. GQG Partners LLC boosted its position in shares of Allstate by 64.1% in the 4th quarter. GQG Partners LLC now owns 4,316,516 shares of the insurance provider's stock worth $832,181,000 after purchasing an additional 1,685,694 shares during the last quarter. Strategic Financial Concepts LLC raised its position in shares of Allstate by 15,062.3% in the 4th quarter. Strategic Financial Concepts LLC now owns 1,119,129 shares of the insurance provider's stock valued at $215,757,000 after acquiring an additional 1,111,748 shares during the period. Finally, Castle Hook Partners LP increased its holdings in shares of Allstate by 1,303.3% in the fourth quarter. Castle Hook Partners LP now owns 824,838 shares of the insurance provider's stock worth $159,021,000 after acquiring an additional 766,058 shares in the last quarter. Institutional investors and hedge funds 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.