Allstate (NYSE:ALL) Rating Increased to Buy at Wall Street Zen

Allstate (NYSE:ALL) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

ALL has been the topic of several other research reports. UBS Group lowered shares of Allstate from a “buy” rating to a “neutral” rating and raised their price objective for the company from $255.00 to $261.00 in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on Allstate from $242.00 to $255.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Evercore set a $240.00 price target on Allstate in a report on Friday, July 10th. Atlantic Securities set a $319.00 price target on shares of Allstate in a research report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Allstate from $215.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $254.80.

Allstate Stock Down 0.0%

ALL stock opened at $249.84 on Monday. The company has a 50 day moving average of $227.29 and a two-hundred day moving average of $214.40. The company has a market cap of $64.31 billion, a price-to-earnings ratio of 5.51, a PEG ratio of 0.43 and a beta of 0.16. Allstate has a 12-month low of $188.08 and a 12-month high of $257.67. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. Allstate’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $3.53 earnings per share. On average, equities analysts anticipate that Allstate will post 30.4 earnings per share for the current fiscal year.

Insider Activity at Allstate

In other news, Director Andrea Redmond sold 2,225 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mario Rizzo sold 18,578 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $17,991,267.60. This represents a 18.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,353 shares of company stock worth $4,851,560 in the last 90 days. 1.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allstate

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Allstate by 5.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock worth $112,533,000 after buying an additional 26,586 shares during the last quarter. Mezzasalma Advisors LLC raised its stake in shares of Allstate by 58.6% in the fourth quarter. Mezzasalma Advisors LLC now owns 23,918 shares of the insurance provider’s stock valued at $4,875,000 after acquiring an additional 8,837 shares during the last quarter. Meyer Handelman Co. raised its stake in shares of Allstate by 4.8% in the fourth quarter. Meyer Handelman Co. now owns 206,787 shares of the insurance provider’s stock valued at $43,043,000 after acquiring an additional 9,438 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Allstate in the 4th quarter worth approximately $23,074,000. Finally, Strategic Global Advisors LLC boosted its holdings in shares of Allstate by 19.2% in the 4th quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider’s stock worth $10,175,000 after acquiring an additional 7,870 shares in the last quarter. Institutional investors own 76.47% of the company’s stock.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.