Citigroup Cuts Allstate (NYSE:ALL) Price Target to $215.00

Allstate (NYSE:ALL) had its target price cut by equities research analysts at Citigroup from $240.00 to $215.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “sell” rating on the insurance provider’s stock. Citigroup’s price objective indicates a potential downside of 3.94% from the stock’s current price.

Several other analysts have also commented on ALL. Barclays increased their price target on shares of Allstate from $213.00 to $226.00 and gave the company an “underweight” rating in a research report on Thursday, August 6th. Raymond James Financial reissued a “strong-buy” rating and issued a $315.00 price objective on shares of Allstate in a research report on Tuesday, August 11th. Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. JPMorgan Chase & Co. increased their price objective on shares of Allstate from $282.00 to $292.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Finally, Evercore set a $240.00 target price on Allstate in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $264.00.

Allstate Stock Down 0.3%

ALL traded down $0.58 on Friday, hitting $223.83. The company had a trading volume of 1,684,569 shares, compared to its average volume of 1,749,221. Allstate has a 12-month low of $188.08 and a 12-month high of $277.22. The stock has a fifty day moving average price of $254.39 and a 200-day moving average price of $233.25. 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 stock has a market capitalization of $56.60 billion, a price-to-earnings ratio of 4.47, a P/E/G ratio of 0.50 and a beta of 0.14.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate of $6.06 by $2.93. The firm had revenue of $18.60 billion for the quarter, compared to the consensus estimate of $15.46 billion. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $5.94 EPS. Analysts predict that Allstate will post 35.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Mario Rizzo sold 56,225 shares of Allstate stock in a transaction dated 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 completion of the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $21,747,396.96. This trade represents a 40.61% 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, insider John Dugenske sold 32,996 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the completion of the sale, the insider owned 13,054 shares of the company’s stock, valued at $3,515,833.82. This represents a 71.65% decrease in their position. The SEC filing for this sale provides additional information. 1.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Allstate

A number of large investors have recently added to or reduced their stakes in the company. Strategic Global Advisors LLC purchased a new position in shares of Allstate in the second quarter worth $11,680,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Allstate during the second quarter valued at about $6,861,000. Bank of America Corp DE bought a new position in shares of Allstate in the 2nd quarter worth approximately $1,410,362,000. Elevation Point Wealth Partners LLC boosted its holdings in shares of Allstate by 130.9% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 19,288 shares of the insurance provider’s stock valued at $4,016,000 after buying an additional 10,936 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Allstate in the second quarter worth about $42,409,000. Institutional investors and hedge funds own 76.47% of the company’s stock.

About Allstate

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.