Deutsche Bank AG lowered shares of Allstate Corporation (The) (NYSE:ALL) from a buy rating to a hold rating in a research note released on Tuesday morning. The firm currently has $96.00 target price on the insurance provider’s stock, up from their previous target price of $90.00.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company restated a buy rating on shares of Allstate Corporation (The) in a research report on Wednesday, May 3rd. Barclays PLC reduced their target price on shares of Allstate Corporation (The) from $101.00 to $92.00 and set an overweight rating for the company in a research report on Monday, July 3rd. BidaskClub cut shares of Allstate Corporation (The) from a strong-buy rating to a buy rating in a research report on Wednesday, July 12th. UBS AG reiterated a neutral rating and issued a $94.00 target price (up from $86.00) on shares of Allstate Corporation (The) in a research report on Thursday, August 3rd. Finally, Keefe, Bruyette & Woods reiterated a hold rating and issued a $88.00 target price on shares of Allstate Corporation (The) in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $89.38.

Allstate Corporation (ALL) traded up 0.16% during midday trading on Tuesday, hitting $94.36. 506,667 shares of the stock were exchanged. Allstate Corporation has a 12 month low of $66.55 and a 12 month high of $94.56. The company has a market cap of $34.10 billion, a PE ratio of 13.94 and a beta of 1.10. The firm’s 50 day moving average price is $89.51 and its 200 day moving average price is $83.65.

Allstate Corporation (The) (NYSE:ALL) last posted its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.48. The company had revenue of $8.02 billion during the quarter, compared to analysts’ expectations of $7.99 billion. Allstate Corporation (The) had a net margin of 7.02% and a return on equity of 12.73%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 earnings per share. On average, equities research analysts forecast that Allstate Corporation will post $6.46 earnings per share for the current fiscal year.

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Allstate Corporation (The) announced that its board has initiated a stock buyback program on Tuesday, August 1st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 63% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, August 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.57%. The ex-dividend date is Tuesday, August 29th. Allstate Corporation (The)’s payout ratio is currently 21.86%.

In related news, President Matthew E. Winter sold 48,058 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $88.81, for a total transaction of $4,268,030.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sanjay Gupta sold 16,798 shares of the firm’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $86.00, for a total transaction of $1,444,628.00. Following the sale, the insider now owns 65,798 shares of the company’s stock, valued at $5,658,628. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 218,162 shares of company stock valued at $19,450,439. 1.58% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Allstate Corporation (The) by 2,743.3% in the first quarter. BlackRock Inc. now owns 26,458,327 shares of the insurance provider’s stock valued at $2,156,089,000 after buying an additional 25,527,763 shares during the last quarter. Vanguard Group Inc. boosted its stake in Allstate Corporation (The) by 3.2% in the first quarter. Vanguard Group Inc. now owns 23,637,965 shares of the insurance provider’s stock valued at $1,926,258,000 after buying an additional 733,684 shares during the last quarter. State Street Corp boosted its stake in Allstate Corporation (The) by 3.0% in the first quarter. State Street Corp now owns 18,074,304 shares of the insurance provider’s stock valued at $1,472,962,000 after buying an additional 530,591 shares during the last quarter. Boston Partners boosted its stake in Allstate Corporation (The) by 3.8% in the first quarter. Boston Partners now owns 9,278,481 shares of the insurance provider’s stock valued at $756,103,000 after buying an additional 341,615 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Allstate Corporation (The) by 6.1% in the first quarter. AQR Capital Management LLC now owns 6,268,589 shares of the insurance provider’s stock valued at $510,828,000 after buying an additional 363,084 shares during the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

About Allstate Corporation (The)

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

Analyst Recommendations for Allstate Corporation (The) (NYSE:ALL)

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