Allstate (NYSE:ALL) Trading 5% Higher – Here’s Why

The Allstate Corporation (NYSE:ALL)’s share price traded up 5% during trading on Friday . The company traded as high as $221.05 and last traded at $221.4350. 806,501 shares traded hands during trading, a decline of 51% from the average session volume of 1,632,866 shares. The stock had previously closed at $210.84.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Zacks Research downgraded Allstate from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Weiss Ratings raised Allstate from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, March 23rd. Mizuho decreased their price target on Allstate from $281.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Keefe, Bruyette & Woods boosted their price target on Allstate from $260.00 to $266.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $231.00 price target on shares of Allstate in a report on Thursday, March 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Allstate currently has a consensus rating of “Moderate Buy” and an average price target of $241.67.

Allstate Price Performance

The company has a market capitalization of $56.88 billion, a price-to-earnings ratio of 4.87, a P/E/G ratio of 0.40 and a beta of 0.18. The stock has a fifty day simple moving average of $213.31 and a 200-day simple moving average of $208.65. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. The company had revenue of $16.94 billion during 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%.Allstate’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.53 earnings per share. On average, equities research analysts anticipate that The Allstate Corporation will post 29.43 EPS for the current year.

Allstate Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $1.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.0%. Allstate’s payout ratio is 9.53%.

Insider Activity

In related news, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director owned 2,225 shares of the company’s stock, valued at $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 22,353 shares of company stock worth $4,851,560 over the last three months. 1.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Allstate

Large investors have recently added to or reduced their stakes in the stock. MV Capital Management Inc. purchased a new stake in Allstate in the 4th quarter valued at $25,000. Dorato Capital Management purchased a new stake in Allstate in the 4th quarter valued at $27,000. Navalign LLC purchased a new stake in Allstate in the 4th quarter valued at $27,000. Evolution Wealth Management Inc. grew its holdings in Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock valued at $29,000 after buying an additional 140 shares in the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Allstate in the 1st quarter valued at $30,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

About Allstate

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.