The Allstate Co. to Post Q1 2024 Earnings of $5.50 Per Share, William Blair Forecasts (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Analysts at William Blair upped their Q1 2024 earnings per share (EPS) estimates for Allstate in a research note issued to investors on Monday, March 25th. William Blair analyst A. Klauber now expects that the insurance provider will post earnings of $5.50 per share for the quarter, up from their previous forecast of $3.99. The consensus estimate for Allstate’s current full-year earnings is $13.11 per share. William Blair also issued estimates for Allstate’s FY2024 earnings at $16.77 EPS.

Allstate (NYSE:ALL) last posted its earnings results on Thursday, February 8th. The insurance provider reported $5.82 earnings per share for the quarter, beating analysts’ consensus estimates of $3.87 by $1.95. Allstate had a positive return on equity of 2.67% and a negative net margin of 0.33%. The company had revenue of $14.83 billion for the quarter, compared to analyst estimates of $12.69 billion. During the same quarter last year, the company earned ($1.36) earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis.

Several other brokerages have also commented on ALL. JPMorgan Chase & Co. lifted their price objective on shares of Allstate from $164.00 to $172.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. BMO Capital Markets upped their price target on shares of Allstate from $140.00 to $158.00 and gave the company a “market perform” rating in a research note on Friday, January 19th. TD Cowen initiated coverage on Allstate in a research report on Wednesday, January 10th. They issued an “outperform” rating and a $193.00 price target for the company. TheStreet raised Allstate from a “c+” rating to a “b” rating in a report on Wednesday, February 7th. Finally, Raymond James raised their price target on shares of Allstate from $155.00 to $180.00 and gave the company a “strong-buy” rating in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $165.56.

Allstate Stock Performance

NYSE:ALL opened at $169.78 on Thursday. The firm has a 50-day moving average price of $159.13 and a two-hundred day moving average price of $140.17. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.51. Allstate has a 52 week low of $100.57 and a 52 week high of $171.61.

Institutional Investors Weigh In On Allstate

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Allstate by 11.5% in the third quarter. Vanguard Group Inc. now owns 32,270,589 shares of the insurance provider’s stock worth $3,595,266,000 after buying an additional 3,322,673 shares during the period. BlackRock Inc. raised its holdings in Allstate by 0.8% during the second quarter. BlackRock Inc. now owns 22,294,372 shares of the insurance provider’s stock valued at $2,430,978,000 after acquiring an additional 181,050 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Allstate by 0.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,123,728 shares of the insurance provider’s stock valued at $1,137,160,000 after acquiring an additional 75,898 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Allstate by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,926,917 shares of the insurance provider’s stock worth $660,318,000 after purchasing an additional 172,250 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Allstate by 1.1% during the 1st quarter. Geode Capital Management LLC now owns 5,815,257 shares of the insurance provider’s stock valued at $643,015,000 after purchasing an additional 63,438 shares during the period. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Allstate

In other news, CAO John C. Pintozzi sold 4,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $159.47, for a total transaction of $637,880.00. Following the completion of the sale, the chief accounting officer now owns 10,736 shares of the company’s stock, valued at approximately $1,712,069.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by company insiders.

Allstate Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 4th will be paid a $0.92 dividend. This is an increase from Allstate’s previous quarterly dividend of $0.89. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, March 1st. Allstate’s dividend payout ratio (DPR) is -296.77%.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.