The Allstate Co. (NYSE:ALL) Receives Average Recommendation of “Moderate Buy” from Brokerages

The Allstate Co. (NYSE:ALL) has been assigned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $217.94.

Several brokerages recently issued reports on ALL. Piper Sandler increased their price target on Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Morgan Stanley raised their target price on Allstate from $220.00 to $228.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods upped their price target on Allstate from $235.00 to $240.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday. Finally, The Goldman Sachs Group boosted their target price on shares of Allstate from $209.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Allstate Price Performance

Allstate stock opened at $197.42 on Friday. The company has a market cap of $52.32 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.01 and a beta of 0.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.36. The firm has a 50 day moving average price of $190.62 and a 200 day moving average price of $191.51. Allstate has a 1 year low of $155.40 and a 1 year high of $209.88.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, beating the consensus estimate of $5.40 by $2.27. Allstate had a net margin of 7.28% and a return on equity of 28.20%. Sell-side analysts predict that Allstate will post 18.74 earnings per share for the current year.

Allstate Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.03%. This is an increase from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date is Monday, March 10th. Allstate’s payout ratio is 23.54%.

Allstate announced that its board has authorized a stock repurchase plan on Wednesday, February 26th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

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 stock was sold at an average price of $186.53, for a total transaction 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 through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Allstate

A number of hedge funds have recently added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. raised its holdings in shares of Allstate by 34.1% during the third quarter. J.W. Cole Advisors Inc. now owns 2,330 shares of the insurance provider’s stock valued at $442,000 after buying an additional 593 shares during the last quarter. abrdn plc raised its stake in shares of Allstate by 10.0% during the third quarter. abrdn plc now owns 107,681 shares of the insurance provider’s stock valued at $20,355,000 after purchasing an additional 9,762 shares in the last quarter. Valmark Advisers Inc. acquired a new position in Allstate during the 3rd quarter valued at about $244,000. Fidelis Capital Partners LLC bought a new stake in shares of Allstate during the 3rd quarter worth about $217,000. Finally, New York State Teachers Retirement System lifted its stake in shares of Allstate by 14.3% in the 3rd quarter. New York State Teachers Retirement System now owns 263,186 shares of the insurance provider’s stock worth $49,913,000 after acquiring an additional 32,973 shares during the period. 76.47% of the stock is currently owned by institutional investors.

Allstate Company Profile

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.