Allstate (NYSE:ALL) Stock Price Down 3.6% – What’s Next?

The Allstate Corporation (NYSE:ALL) was down 3.6% during mid-day trading on Tuesday . The stock traded as low as $231.01 and last traded at $234.1160. 509,453 shares traded hands during trading, a decline of 70% from the average session volume of 1,673,541 shares. The stock had previously closed at $242.86.

Analyst Ratings Changes

ALL has been the subject of several research reports. UBS Group raised their price objective on shares of Allstate from $261.00 to $275.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Raymond James Financial reiterated a “strong-buy” rating and set a $315.00 target price on shares of Allstate in a research report on Tuesday, August 11th. Wells Fargo & Company cut shares of Allstate from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $243.00 to $250.00 in a research note on Friday, August 7th. Cantor Fitzgerald raised their price target on shares of Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Argus set a $238.00 price objective on shares of Allstate in a research report on Friday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $266.89.

Allstate Trading Down 5.2%

The company has a market capitalization of $58.21 billion, a price-to-earnings ratio of 4.60, a P/E/G ratio of 0.56 and a beta of 0.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The business’s 50-day simple moving average is $258.07 and its 200-day simple moving average is $232.27.

Allstate (NYSE:ALL) last issued its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping the consensus estimate of $6.06 by $2.93. The company had revenue of $18.60 billion during the quarter, compared to analysts’ expectations of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. Allstate’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.94 EPS. On average, research analysts expect that The Allstate Corporation will post 35.48 earnings per share for the current fiscal year.

Allstate Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 31st. Allstate’s payout ratio is currently 8.63%.

Insider Buying and Selling at Allstate

In other news, insider John E. Dugenske sold 32,996 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $269.33, for a total value of $8,886,812.68. Following the transaction, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. This trade represents a 71.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total value of $14,870,388.00. Following the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at approximately $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Allstate

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Financial Management LLC increased its holdings in shares of Allstate by 24.9% in the 2nd quarter. Cornerstone Financial Management LLC now owns 226 shares of the insurance provider’s stock worth $54,000 after buying an additional 45 shares during the last quarter. Capital Advisors Inc. OK raised its position in shares of Allstate by 2.6% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,827 shares of the insurance provider’s stock valued at $435,000 after buying an additional 46 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Allstate by 0.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 7,809 shares of the insurance provider’s stock valued at $1,625,000 after acquiring an additional 50 shares during the last quarter. Natural Investments LLC grew its position in Allstate by 1.5% in the second quarter. Natural Investments LLC now owns 3,327 shares of the insurance provider’s stock worth $791,000 after acquiring an additional 50 shares in the last quarter. Finally, Root Financial Partners LLC grew its position in Allstate by 4.7% in the first quarter. Root Financial Partners LLC now owns 1,170 shares of the insurance provider’s stock worth $243,000 after acquiring an additional 53 shares in the last quarter. Institutional investors own 76.47% of the company’s stock.

About Allstate

Allstate Corporation is an insurance and protection-services company headquartered in Northbrook, Illinois. Through its Allstate and National General brands, the company primarily provides property and casualty insurance to individuals and businesses in the United States.

Its products include automobile, homeowners, renters, condominium, landlord, motorcycle and recreational-vehicle insurance, along with other personal and commercial coverage. Allstate also offers roadside assistance, identity protection and related protection services through its various businesses and distribution channels, including agents, brokers and digital platforms.

Allstate’s roots date to 1931, when the Allstate Insurance Company was established as a subsidiary of Sears, Roebuck & Co The company became independent from Sears in the 1990s.