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

Shares of The Allstate Corporation (NYSE:ALL) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $241.59 and last traded at $241.1420, with a volume of 123954 shares. The stock had previously closed at $239.61.

Analyst Ratings Changes

A number of brokerages have recently commented on ALL. The Goldman Sachs Group restated a “neutral” rating and issued a $231.00 price target on shares of Allstate in a report on Thursday, March 5th. Raymond James Financial reiterated a “strong-buy” rating and set a $260.00 price objective on shares of Allstate in a report on Tuesday, March 3rd. Mizuho cut their target price on Allstate from $281.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. 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, Barclays raised their price target on shares of Allstate from $207.00 to $208.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 8th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $240.33.

Allstate Price Performance

The stock has a market cap of $61.80 billion, a price-to-earnings ratio of 5.29, a price-to-earnings-growth ratio of 0.42 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The company has a 50-day simple moving average of $217.68 and a two-hundred day simple moving average of $210.17.

Allstate (NYSE:ALL) last released its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business had revenue of $16.94 billion during the quarter, compared to analysts’ expectations of $15.24 billion. During the same period last year, the business earned $3.53 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that The Allstate Corporation will post 29.75 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. This represents a $4.32 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, June 1st. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

Insider Transactions at Allstate

In other Allstate news, COO Mario Rizzo sold 18,578 shares of the firm’s stock in a transaction 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 owned 82,227 shares of the company’s stock, valued at $17,991,267.60. This trade represents a 18.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction on 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 directly owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,353 shares of company stock worth $4,851,560. 1.55% of the stock is owned by company insiders.

Institutional Trading of Allstate

A number of hedge funds have recently modified their holdings of ALL. MV Capital Management Inc. acquired a new position in Allstate in the 4th quarter valued at about $25,000. Dorato Capital Management bought a new stake in shares of Allstate during the fourth quarter worth approximately $27,000. Navalign LLC bought a new stake in shares of Allstate during the fourth quarter worth approximately $27,000. Evolution Wealth Management Inc. grew its position in shares of Allstate by 7,000.0% in the first quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 140 shares during the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Allstate during the first quarter worth approximately $30,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

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.