Allstate (NYSE:ALL) Sets New 52-Week High – Here’s Why

The Allstate Corporation (NYSE:ALL)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $222.33 and last traded at $221.6350, with a volume of 890784 shares. The stock had previously closed at $217.37.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Allstate from $260.00 to $263.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Allstate from $260.00 to $266.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Wall Street Zen downgraded shares of Allstate from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Citigroup upped their price target on Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Finally, Zacks Research downgraded Allstate from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $241.67.

Allstate Stock Performance

The business has a 50-day moving average price of $211.62 and a 200-day moving average price of $207.62. The firm has a market capitalization of $57.13 billion, a price-to-earnings ratio of 4.90, a P/E/G ratio of 0.40 and a beta of 0.21. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The business had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm posted $3.53 earnings per share. As a group, sell-side analysts forecast that The Allstate Corporation will post 29.22 earnings per share for the current year.

Insider Activity

In related news, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction 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 transaction, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $17,991,267.60. This represents a 18.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allstate

Several hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in shares of Allstate by 3.7% in 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 acquiring an additional 438,034 shares during the period. Bank of America Corp DE increased its position in shares of 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 valued at $1,640,748,000 after acquiring an additional 596,321 shares during the period. GQG Partners LLC boosted its holdings in Allstate by 36.0% in the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock valued at $1,142,449,000 after purchasing an additional 1,452,993 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Allstate by 29.2% in 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 purchasing an additional 1,131,172 shares during the last quarter. Finally, Boston Partners boosted its holdings in Allstate by 14.9% in the third quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock valued at $654,652,000 after purchasing an additional 395,195 shares during the last quarter. 76.47% of the stock is 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.