StockNews.com Downgrades Allstate (NYSE:ALL) to Hold

Allstate (NYSE:ALL) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other analysts have also issued reports on the company. Evercore ISI raised Allstate from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 8th. Argus upgraded Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. JPMorgan Chase & Co. increased their price target on shares of Allstate from $217.00 to $222.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Wells Fargo & Company boosted their price target on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Finally, Barclays cut their target price on Allstate from $183.00 to $172.00 and set an “underweight” rating on the stock in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $219.27.

Allstate Stock Up 0.2 %

NYSE ALL opened at $194.61 on Friday. Allstate has a one year low of $156.66 and a one year high of $212.91. The company has a market cap of $51.58 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.01 and a beta of 0.36. The business has a fifty day moving average price of $197.27 and a 200 day moving average price of $194.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.36.

Allstate (NYSE:ALL) last announced its quarterly 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 net margin of 7.28% and a return on equity of 28.20%. Research analysts anticipate that Allstate will post 18.74 EPS for the current fiscal year.

Allstate declared that its Board of Directors has authorized a share buyback program on Wednesday, February 26th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the insurance provider to purchase up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Allstate

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the business’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 in the company, valued at approximately $3,378,990.95. The trade was a 68.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wolf Group Capital Advisors acquired a new stake in shares of Allstate during the 1st quarter worth $393,000. Cornerstone Wealth Management LLC purchased a new stake in Allstate during the first quarter worth approximately $213,000. Mezzasalma Advisors LLC raised its stake in shares of Allstate by 36.8% in the 1st quarter. Mezzasalma Advisors LLC now owns 11,109 shares of the insurance provider’s stock valued at $2,300,000 after acquiring an additional 2,991 shares during the period. Clarius Group LLC boosted its position in Allstate by 34.6% during the 1st quarter. Clarius Group LLC now owns 3,703 shares of the insurance provider’s stock worth $767,000 after purchasing an additional 951 shares during the period. Finally, Global Trust Asset Management LLC purchased a new position in Allstate in the first quarter valued at about $321,000. 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.