Citigroup Cuts Allstate (NYSE:ALL) Price Target to $215.00

by · The Markets Daily

Allstate (NYSE:ALL – Free Report) had its price target lowered by Citigroup from $240.00 to $215.00 in a research report report published on Friday,Benzinga reports. The firm currently has a sell rating on the insurance provider’s stock.

ALL has been the topic of a number of other research reports. Mizuho raised their price target on shares of Allstate from $297.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, September 18th. Piper Sandler reaffirmed an “overweight” rating on shares of Allstate in a research note on Monday, September 28th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $250.00 target price (down from $255.00) on shares of Allstate in a report on Thursday, August 20th. JPMorgan Chase & Co. increased their target price on shares of Allstate from $282.00 to $292.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Finally, Zacks Research downgraded Allstate from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $264.00.

View Our Latest Analysis on ALL

Allstate Price Performance

Shares of Allstate stock opened at $223.83 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. Allstate has a one year low of $188.08 and a one year high of $277.22. The business’s 50 day simple moving average is $253.66 and its two-hundred day simple moving average is $233.36. The stock has a market capitalization of $56.60 billion, a P/E ratio of 4.47, a price-to-earnings-growth ratio of 0.50 and a beta of 0.13.

Allstate (NYSE:ALL – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, beating analysts’ consensus estimates of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The firm had revenue of $18.60 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same quarter in the prior year, the firm posted $5.94 earnings per share. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. Analysts forecast that Allstate will post 35.69 EPS for the current year.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, August 31st were given a dividend of $1.08 per share. The ex-dividend date was Monday, August 31st. This represents a $4.32 annualized dividend and a dividend yield of 1.9%. Allstate’s payout ratio is currently 8.63%.

Insider Transactions at Allstate

In other Allstate news, insider John E. 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 the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This represents a 40.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Allstate

Several hedge funds have recently made changes to their positions in the company. MV Capital Management Inc. purchased a new position in Allstate during the fourth quarter valued at $25,000. Gables Capital Management Inc. bought a new stake in shares of Allstate during the 2nd quarter valued at $26,000. Kelleher Financial Advisors purchased a new stake in shares of Allstate in the 2nd quarter worth about $28,000. Evolution Wealth Management Inc. grew its position in shares of 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 during the period. Finally, Allied Private Wealth LLC bought a new position in shares of Allstate in the 2nd quarter worth about $29,000. 76.47% of the stock is currently owned by institutional investors.

Allstate Company Profile

(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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