Brokers Issue Forecasts for The Allstate Co.’s Q4 2023 Earnings (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Stock analysts at Zacks Research decreased their Q4 2023 EPS estimates for shares of Allstate in a note issued to investors on Friday, August 25th. Zacks Research analyst D. Chatterjee now expects that the insurance provider will earn $2.38 per share for the quarter, down from their prior forecast of $2.39. The consensus estimate for Allstate’s current full-year earnings is ($1.99) per share. Zacks Research also issued estimates for Allstate’s Q1 2024 earnings at $2.22 EPS, Q2 2024 earnings at $1.30 EPS, FY2024 earnings at $10.01 EPS and Q2 2025 earnings at $3.64 EPS.

Several other research firms have also weighed in on ALL. Bank of America lowered their price objective on shares of Allstate from $143.00 to $138.00 in a research note on Wednesday, August 2nd. Raymond James cut their price objective on Allstate from $155.00 to $145.00 and set a “strong-buy” rating for the company in a research report on Thursday, August 3rd. Barclays decreased their target price on Allstate from $113.00 to $107.00 and set an “equal weight” rating on the stock in a report on Monday, August 14th. Morgan Stanley reaffirmed an “equal weight” rating and set a $117.00 price objective on shares of Allstate in a research report on Tuesday, August 1st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Allstate from $162.00 to $154.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $135.31.

Allstate Price Performance

Shares of ALL opened at $105.14 on Monday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.59. The company’s fifty day simple moving average is $108.53 and its 200 day simple moving average is $114.36. Allstate has a 1-year low of $100.57 and a 1-year high of $142.15. The company has a market cap of $27.50 billion, a price-to-earnings ratio of -10.16 and a beta of 0.57.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported ($4.42) EPS for the quarter, missing the consensus estimate of ($3.83) by ($0.59). Allstate had a negative net margin of 4.80% and a negative return on equity of 14.69%. The company had revenue of $13.98 billion for the quarter, compared to analyst estimates of $12.30 billion. During the same period last year, the company posted ($0.76) earnings per share. The business’s revenue for the quarter was up 14.4% on a year-over-year basis.

Allstate Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.89 per share. The ex-dividend date is Wednesday, August 30th. This represents a $3.56 dividend on an annualized basis and a yield of 3.39%. Allstate’s payout ratio is -34.40%.

Insider Buying and Selling at Allstate

In other news, Director Judith A. Sprieser sold 1,565 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $111.22, for a total transaction of $174,059.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Allstate

A number of large investors have recently modified their holdings of ALL. Vanguard Group Inc. grew its holdings in shares of Allstate by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 24,850,782 shares of the insurance provider’s stock valued at $3,442,082,000 after purchasing an additional 745,096 shares during the last quarter. BlackRock Inc. increased its holdings in Allstate by 0.8% in the 2nd quarter. BlackRock Inc. now owns 22,294,372 shares of the insurance provider’s stock worth $2,430,978,000 after purchasing an additional 181,050 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Allstate by 9.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,039,351 shares of the insurance provider’s stock valued at $669,221,000 after purchasing an additional 499,056 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Allstate by 8.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,928,406 shares of the insurance provider’s stock valued at $803,892,000 after purchasing an additional 463,281 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Allstate by 1.1% during the first quarter. Geode Capital Management LLC now owns 5,815,257 shares of the insurance provider’s stock worth $643,015,000 after purchasing an additional 63,438 shares during the last quarter. Institutional investors and hedge funds own 75.44% of the company’s stock.

Allstate Company Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; other personal lines products; and commercial lines products under the Allstate and Encompass brand names.