Allstate (ALL) Shares Gap Down on Analyst Downgrade

Shares of Allstate Corp (NYSE:ALL) gapped down before the market opened on Friday after Bank of America lowered their price target on the stock from $113.00 to $110.00. The stock had previously closed at $88.94, but opened at $89.97. Bank of America currently has a buy rating on the stock. Allstate shares last traded at $89.23, with a volume of 82139 shares traded.

A number of other research firms have also recently issued reports on ALL. Zacks Investment Research raised shares of Allstate from a “hold” rating to a “buy” rating and set a $112.00 price objective on the stock in a research report on Tuesday, September 18th. ValuEngine raised shares of Allstate from a “sell” rating to a “hold” rating in a research report on Saturday, September 1st. Citigroup set a $115.00 price objective on shares of Allstate and gave the stock a “buy” rating in a research report on Friday, October 12th. Buckingham Research raised shares of Allstate from an “underperform” rating to a “neutral” rating and set a $88.00 price objective on the stock in a research report on Wednesday, July 18th. Finally, B. Riley increased their price objective on shares of Allstate from $84.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, July 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $103.77.

In related news, EVP Harriet K. Harty sold 10,515 shares of the firm’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $98.87, for a total value of $1,039,618.05. Following 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Glenn T. Shapiro sold 21,728 shares of the firm’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $98.70, for a total transaction of $2,144,553.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,432 shares of company stock worth $5,386,208. 1.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ALL. Patriot Financial Group Insurance Agency LLC bought a new position in Allstate in the 3rd quarter valued at about $110,000. Kiley Juergens Wealth Management LLC bought a new position in Allstate in the 2nd quarter valued at about $124,000. Cornerstone Wealth Management LLC bought a new position in Allstate in the 3rd quarter valued at about $146,000. Summit Trail Advisors LLC lifted its position in Allstate by 11,436.6% in the 1st quarter. Summit Trail Advisors LLC now owns 147,438 shares of the insurance provider’s stock valued at $147,000 after acquiring an additional 146,160 shares in the last quarter. Finally, Denali Advisors LLC bought a new position in Allstate in the 3rd quarter valued at about $158,000. 76.05% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $33.06 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.21 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.26 and a current ratio of 0.26.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, October 31st. The insurance provider reported $1.93 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.21 by ($0.28). Allstate had a net margin of 9.06% and a return on equity of 15.21%. The business had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.51 billion. During the same period in the previous year, the business posted $1.60 EPS. Allstate’s revenue was up 5.8% compared to the same quarter last year. Equities analysts predict that Allstate Corp will post 9.46 earnings per share for the current year.

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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