Allstate (NYSE:ALL) Stock Price Up 5% – Here’s Why

The Allstate Corporation (NYSE:ALL) was up 5% during trading on Friday . The company traded as high as $221.05 and last traded at $221.4350. Approximately 806,501 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,632,866 shares. The stock had previously closed at $210.84.

Wall Street Analysts Forecast Growth

ALL has been the subject of a number of research analyst reports. Mizuho cut their price objective on shares of Allstate from $281.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, March 20th. JPMorgan Chase & Co. upped their target price on shares of Allstate from $260.00 to $263.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Citigroup raised their target price on shares of Allstate from $221.00 to $226.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Weiss Ratings upgraded shares of Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, March 23rd. Finally, Barclays increased their price objective on shares of Allstate from $207.00 to $208.00 and gave the company an “underweight” rating in a report on Wednesday, April 8th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.67.

Allstate Stock Up 4.8%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a market capitalization of $56.88 billion, a PE ratio of 4.87, a PEG ratio of 0.37 and a beta of 0.18. The company has a fifty day moving average price of $212.98 and a 200-day moving average price of $208.57.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm had revenue of $16.94 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same period last year, the firm posted $3.53 earnings per share. Allstate’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, analysts expect that The Allstate Corporation will post 29.43 earnings per share for the current year.

Allstate Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, June 1st. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

Insider Activity

In related news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the completion of the transaction, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. This trade represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $218.80, for a total value of $4,064,866.40. Following the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,353 shares of company stock worth $4,851,560. 1.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allstate

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its holdings in Allstate by 3.7% during the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock valued at $2,571,600,000 after buying an additional 438,034 shares during the period. Bank of America Corp DE boosted its stake in Allstate by 8.1% during the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock worth $1,640,748,000 after buying an additional 596,321 shares during the period. GQG Partners LLC boosted its stake in Allstate by 36.0% during the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after buying an additional 1,452,993 shares during the period. Franklin Resources Inc. increased its position in Allstate by 29.2% during the fourth quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares during the last quarter. Finally, Boston Partners increased its position in Allstate by 14.9% during the third quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock valued at $654,652,000 after acquiring an additional 395,195 shares during the last quarter. Hedge funds and other 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.