Allstate (ALL) Stock Price Down 6% After Earnings Miss

Allstate Corp (NYSE:ALL) shares fell 6% during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $88.58 and last traded at $89.97. 5,012,186 shares changed hands during mid-day trading, an increase of 140% from the average session volume of 2,090,061 shares. The stock had previously closed at $95.72.

The insurance provider reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.21 by ($0.28). Allstate had a return on equity of 15.21% and a net margin of 9.06%. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.51 billion. During the same quarter last year, the business posted $1.60 EPS. The company’s quarterly revenue was up 5.8% compared to the same quarter last year.

Several research firms have weighed in on ALL. Zacks Investment Research upgraded Allstate from a “hold” rating to a “buy” rating and set a $112.00 price objective for the company in a report on Tuesday, September 18th. Credit Suisse Group dropped their price objective on Allstate from $114.00 to $112.00 and set a “buy” rating for the company in a report on Tuesday, August 28th. ValuEngine upgraded Allstate from a “sell” rating to a “hold” rating in a report on Saturday, September 1st. Wells Fargo & Co reissued a “hold” rating on shares of Allstate in a research report on Thursday, August 16th. Finally, B. Riley increased their target price on Allstate from $88.00 to $103.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $104.62.

In other news, EVP Harriet K. Harty sold 10,515 shares of the stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $98.87, for a total value of $1,039,618.05. Following the completion of the transaction, the executive vice president now owns 14,606 shares of the company’s stock, valued at approximately $1,444,095.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Glenn T. Shapiro sold 21,728 shares of the stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $98.70, for a total value of $2,144,553.60. The disclosure for this sale can be found here. Insiders sold a total of 54,432 shares of company stock valued at $5,386,208 in the last three months. Corporate insiders own 1.40% of the company’s stock.

A number of hedge funds have recently bought and sold shares of ALL. Summit Trail Advisors LLC increased its position in Allstate by 11,436.6% during the 1st quarter. Summit Trail Advisors LLC now owns 147,438 shares of the insurance provider’s stock valued at $147,000 after buying an additional 146,160 shares in the last quarter. DnB Asset Management AS increased its position in Allstate by 5.5% during the 2nd quarter. DnB Asset Management AS now owns 44,046 shares of the insurance provider’s stock valued at $4,020,000 after buying an additional 2,300 shares in the last quarter. IFM Investors Pty Ltd increased its position in Allstate by 41.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 15,780 shares of the insurance provider’s stock valued at $1,440,000 after buying an additional 4,607 shares in the last quarter. Fulton Bank N.A. increased its position in Allstate by 12.2% during the 2nd quarter. Fulton Bank N.A. now owns 16,481 shares of the insurance provider’s stock valued at $1,504,000 after buying an additional 1,787 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Allstate by 20.2% during the 2nd quarter. State of Alaska Department of Revenue now owns 210,920 shares of the insurance provider’s stock valued at $19,248,000 after buying an additional 35,430 shares in the last quarter. 76.05% of the stock is owned by institutional investors.

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.26 and a quick ratio of 0.26. The stock has a market cap of $33.06 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 1.21 and a beta of 0.91.

Allstate Company Profile (NYSE:ALL)

The Allstate Corporation, together with its subsidiaries, engages in property and casualty insurance, and life insurance businesses in the United States and Canada. The company's Allstate Protection segment sells private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products, including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; and commercial lines products under the Allstate, Esurance, and Encompass brand names.

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