Morgan Stanley Issues Pessimistic Forecast for Allstate (NYSE:ALL) Stock Price

by · The Cerbat Gem

Allstate (NYSE:ALL – Get Free Report) had its price objective reduced by Morgan Stanley from $265.00 to $240.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 7.63% from the stock’s current price.

ALL has been the topic of a number of other research reports. Weiss Ratings cut Allstate from a “buy (a)” rating to a “buy (a-)” rating in a research report on Tuesday, September 29th. Citigroup reduced their price target on Allstate from $240.00 to $215.00 and set a “sell” rating on the stock in a research report on Friday. Atlantic Securities set a $319.00 price objective on Allstate in a research note on Wednesday, July 15th. UBS Group raised their price objective on shares of Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Finally, The Goldman Sachs Group reduced their price objective on Allstate from $280.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $262.68.

View Our Latest Stock Analysis on ALL

Allstate Stock Performance

Shares of ALL traded down $1.72 during mid-day trading on Tuesday, reaching $222.99. The company’s stock had a trading volume of 581,038 shares, compared to its average volume of 1,748,436. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. Allstate has a 1-year low of $188.08 and a 1-year high of $277.22. The business has a 50-day simple moving average of $252.93 and a two-hundred day simple moving average of $233.48. The stock has a market cap of $56.38 billion, a P/E ratio of 4.45, a PEG ratio of 0.50 and a beta of 0.13.

Allstate (NYSE:ALL – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. During the same quarter last year, the firm posted $5.94 EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, equities research analysts anticipate that Allstate will post 35.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Allstate

In other Allstate news, insider John Dugenske sold 32,996 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the transaction, the insider owned 13,054 shares in the company, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction that occurred 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 of the company’s stock, valued at $21,747,396.96. The trade was a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Allstate

A number of hedge funds have recently added to or reduced their stakes in ALL. MV Capital Management Inc. purchased a new position in shares of Allstate in the fourth quarter worth approximately $25,000. Gables Capital Management Inc. purchased a new position in shares of Allstate during the 2nd quarter valued at $26,000. Kelleher Financial Advisors bought a new position in Allstate in the 2nd quarter worth $28,000. Evolution Wealth Management Inc. increased its stake in Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock worth $29,000 after buying an additional 140 shares in the last quarter. Finally, Allied Private Wealth LLC purchased a new position in shares of Allstate in the second quarter valued at about $29,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

About Allstate

(Get Free Report)

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.

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