Allstate (NYSE:ALL) Reaches New 52-Week High on Analyst Upgrade

The Allstate Co. (NYSE:ALL) reached a new 52-week high during trading on Wednesday after Piper Sandler raised their price target on the stock from $206.00 to $244.00. Piper Sandler currently has an overweight rating on the stock. Allstate traded as high as $208.85 and last traded at $207.99, with a volume of 43324 shares traded. The stock had previously closed at $207.87.

Other equities research analysts also recently issued reports about the company. Evercore ISI upped their price target on shares of Allstate from $191.00 to $195.00 and gave the company an “in-line” rating in a research report on Wednesday, October 9th. Jefferies Financial Group upped their price target on Allstate from $231.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com cut Allstate from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. increased their target price on shares of Allstate from $205.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Barclays raised their target price on shares of Allstate from $175.00 to $187.00 and gave the stock an “underweight” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Allstate presently has a consensus rating of “Moderate Buy” and a consensus target price of $217.19.

Insider Buying and Selling at Allstate

In other news, insider John E. Dugenske sold 36,367 shares of Allstate stock in a transaction on Friday, September 20th. The stock was sold at an average price of $191.38, for a total transaction of $6,959,916.46. Following the completion of the sale, the insider now directly owns 27,364 shares in the company, valued at approximately $5,236,922.32. This trade represents a 57.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its stake in Allstate by 5.1% in the 3rd quarter. Franklin Resources Inc. now owns 136,632 shares of the insurance provider’s stock worth $26,032,000 after acquiring an additional 6,616 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Allstate by 28.2% in the third quarter. Tidal Investments LLC now owns 40,759 shares of the insurance provider’s stock valued at $7,730,000 after purchasing an additional 8,977 shares during the period. Wilmington Savings Fund Society FSB grew its stake in Allstate by 457.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 9,249 shares of the insurance provider’s stock worth $1,754,000 after purchasing an additional 7,590 shares in the last quarter. World Investment Advisors LLC increased its holdings in Allstate by 534.3% during the 3rd quarter. World Investment Advisors LLC now owns 33,530 shares of the insurance provider’s stock worth $6,359,000 after purchasing an additional 28,244 shares during the period. Finally, Stock Yards Bank & Trust Co. raised its position in Allstate by 5.3% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,776 shares of the insurance provider’s stock valued at $1,095,000 after purchasing an additional 292 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Allstate Stock Up 0.2 %

The firm has a market capitalization of $55.13 billion, a PE ratio of 13.48, a PEG ratio of 1.80 and a beta of 0.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.40 and a current ratio of 0.40. The company has a fifty day simple moving average of $192.34 and a two-hundred day simple moving average of $178.57.

Allstate (NYSE:ALL) last released its quarterly earnings data on Wednesday, October 30th. The insurance provider reported $3.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $1.71. Allstate had a net margin of 6.77% and a return on equity of 26.67%. The company had revenue of $16.63 billion during the quarter, compared to analyst estimates of $14.57 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. Analysts forecast that The Allstate Co. will post 16.07 EPS for the current fiscal year.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, November 29th will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Friday, November 29th. Allstate’s payout ratio is 23.83%.

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.