Keefe, Bruyette & Woods Reiterates “Underperform” Rating for Allstate (NYSE:ALL)

Allstate (NYSE:ALL)‘s stock had its “underperform” rating restated by stock analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $250.00 target price on the insurance provider’s stock, down from their previous target price of $255.00. Keefe, Bruyette & Woods’ price target indicates a potential downside of 3.94% from the company’s current price.

Several other research firms have also recently commented on ALL. Wall Street Zen upgraded Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Citigroup downgraded Allstate from a “neutral” rating to a “sell” rating and lifted their price target for the company from $226.00 to $240.00 in a research report on Tuesday, August 11th. The Goldman Sachs Group reissued a “neutral” rating and set a $280.00 price objective on shares of Allstate in a report on Friday, August 7th. UBS Group upped their price objective on shares of Allstate from $261.00 to $275.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Finally, Atlantic Securities set a $319.00 target price on shares of Allstate in a research note on Wednesday, July 15th. Four equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Allstate has an average rating of “Hold” and a consensus price target of $265.26.

Allstate Stock Performance

Allstate stock opened at $260.24 on Thursday. Allstate has a 1-year low of $188.08 and a 1-year high of $277.22. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $65.80 billion, a PE ratio of 5.20, a price-to-earnings-growth ratio of 0.40 and a beta of 0.16. The firm’s 50 day simple moving average is $249.00 and its 200 day simple moving average is $224.35.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, beating the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion during the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the firm earned $5.94 EPS. As a group, analysts expect that Allstate will post 34.5 earnings per share for the current fiscal year.

Insider Transactions at Allstate

In other news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the transaction, the insider directly owned 27,558 shares in the company, valued at approximately $5,959,968.66. This represents a 5.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the transaction, the director directly owned 2,225 shares in the company, valued at approximately $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 92,996 shares of company stock valued at $24,543,894 over the last quarter. 1.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allstate

Large investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Allstate by 5.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552,120 shares of the insurance provider’s stock worth $112,533,000 after acquiring an additional 26,586 shares during the last quarter. Strategic Global Advisors LLC boosted its holdings in shares of Allstate by 19.2% during the fourth quarter. Strategic Global Advisors LLC now owns 48,882 shares of the insurance provider’s stock worth $10,175,000 after purchasing an additional 7,870 shares during the period. Elevation Point Wealth Partners LLC grew its stake in shares of Allstate by 130.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider’s stock worth $4,016,000 after purchasing an additional 10,936 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Allstate by 69.2% during the 4th quarter. CIBC Asset Management Inc now owns 63,011 shares of the insurance provider’s stock valued at $13,116,000 after purchasing an additional 25,764 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Allstate by 8.1% in the 1st 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. 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.