Zacks Research Upgrades Allstate (NYSE:ALL) to Strong-Buy

Allstate (NYSE:ALL) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

ALL has been the subject of a number of other research reports. Piper Sandler lifted their target price on Allstate from $268.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. Morgan Stanley set a $265.00 price target on Allstate in a research report on Tuesday, August 11th. Wells Fargo & Company lowered shares of Allstate from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $243.00 to $250.00 in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Allstate from $282.00 to $292.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen raised shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Four equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $265.53.

Allstate Stock Performance

NYSE ALL opened at $261.27 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36. Allstate has a 1-year low of $188.08 and a 1-year high of $277.22. The business has a 50 day simple moving average of $248.26 and a two-hundred day simple moving average of $223.92. The stock has a market capitalization of $66.06 billion, a PE ratio of 5.22, a P/E/G ratio of 0.41 and a beta of 0.16.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.06 by $2.93. The business had revenue of $15.43 billion for the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $5.94 EPS. On average, research analysts predict that Allstate will post 34.2 EPS for the current fiscal year.

Insider Buying and Selling at Allstate

In related news, COO Mario Rizzo sold 56,225 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $21,747,396.96. This represents a 40.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, the director owned 2,225 shares in the company, valued at approximately $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 92,996 shares of company stock valued at $24,543,894 in the last ninety days. 1.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Allstate

Several institutional investors have recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider’s stock worth $1,253,000 after purchasing an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Allstate during the 4th quarter valued at about $231,000. WINTON GROUP Ltd purchased a new stake in Allstate in the second quarter valued at about $210,000. Treasurer of the State of North Carolina raised its stake in Allstate by 2.5% in the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider’s stock valued at $24,816,000 after buying an additional 3,051 shares during the last quarter. Finally, Ieq Capital LLC boosted its holdings in Allstate by 20.1% in the second quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider’s stock worth $7,713,000 after acquiring an additional 6,412 shares in the last quarter. 76.47% of the stock is currently owned by institutional investors and hedge funds.

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.