Allstate (NYSE:ALL) Sets New 1-Year High – Time to Buy?

The Allstate Co. (NYSE:ALL)’s stock price reached a new 52-week high on Monday . The stock 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

A number of research firms have recently issued reports on ALL. Barclays reduced their price target on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Wells Fargo & Company lifted their target price on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. Argus raised shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. Evercore ISI raised Allstate from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 8th. Finally, Piper Sandler boosted their target price on Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Allstate has an average rating of “Moderate Buy” and an average price target of $217.94.

Allstate Stock Up 1.0 %

The stock has a market cap of $55.52 billion, a P/E ratio of 12.33, 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. The firm’s fifty day moving average is $191.72 and its 200 day moving average is $192.47.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share 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, equities research analysts forecast that The Allstate Co. will post 18.74 EPS for the current year.

Allstate Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.00 dividend on an annualized basis and a yield of 1.91%. This is a positive change from Allstate’s previous quarterly dividend of $0.92. Allstate’s payout ratio is 23.54%.

Allstate declared that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Allstate

In related news, CFO Jesse E. Merten sold 40,102 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $186.53, for a total value of $7,480,226.06. Following the completion of the transaction, the chief financial officer now directly owns 18,115 shares of the company’s stock, valued at $3,378,990.95. This trade represents a 68.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Allstate

Hedge funds have recently made changes to their positions in the business. VSM Wealth Advisory LLC acquired a new position in Allstate in the fourth quarter worth about $25,000. FSA Wealth Management LLC acquired a new position in Allstate during the third quarter worth $26,000. Twin Tree Management LP acquired a new stake in shares of Allstate in the 4th quarter valued at $27,000. Vision Financial Markets LLC bought a new stake in shares of Allstate in the 4th quarter worth about $29,000. Finally, Hopwood Financial Services Inc. acquired a new stake in shares of Allstate during the 4th quarter worth about $29,000. 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.