Allstate Corporation (The) (NYSE:ALL) Downgraded to Hold at BidaskClub

BidaskClub downgraded shares of Allstate Corporation (The) (NYSE:ALL) from a buy rating to a hold rating in a research report report published on Monday, July 31st.

ALL has been the subject of a number of other reports. Barclays PLC cut their price target on Allstate Corporation (The) from $101.00 to $92.00 and set an overweight rating for the company in a research note on Monday, July 3rd. Wells Fargo & Company restated a buy rating on shares of Allstate Corporation (The) in a research note on Saturday, June 24th. Citigroup Inc. boosted their price objective on Allstate Corporation (The) from $97.00 to $102.00 and gave the company a buy rating in a research note on Thursday, July 13th. Zacks Investment Research cut Allstate Corporation (The) from a buy rating to a hold rating in a report on Friday, April 21st. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $88.00 price target on shares of Allstate Corporation (The) in a report on Friday, June 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Allstate Corporation (The) presently has an average rating of Hold and a consensus target price of $90.54.

Shares of Allstate Corporation (NYSE ALL) opened at 92.92 on Monday. Allstate Corporation has a 1-year low of $66.55 and a 1-year high of $95.25. The company has a market cap of $33.58 billion, a PE ratio of 13.73 and a beta of 1.10. The company has a 50-day moving average of $91.03 and a 200-day moving average of $85.02.

Allstate Corporation (The) (NYSE:ALL) last issued its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The business had revenue of $8.02 billion during the quarter, compared to analyst estimates of $7.99 billion. During the same quarter in the previous year, the firm earned $0.62 EPS. Allstate Corporation (The)’s revenue was up 2.6% on a year-over-year basis. Equities analysts forecast that Allstate Corporation will post $6.51 EPS for the current year.

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Allstate Corporation (The) declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 1st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the insurance provider to repurchase up to 63% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, August 31st will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Tuesday, August 29th. Allstate Corporation (The)’s dividend payout ratio (DPR) is presently 21.86%.

In other news, insider Harriet K. Harty sold 7,228 shares of Allstate Corporation (The) stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $88.35, for a total value of $638,593.80. Following the sale, the insider now directly owns 18,260 shares of the company’s stock, valued at $1,613,271. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Steven E. Shebik sold 35,197 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $94.28, for a total value of $3,318,373.16. Following the completion of the sale, the chief financial officer now directly owns 127,560 shares in the company, valued at $12,026,356.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 232,264 shares of company stock valued at $21,128,164. Company insiders own 1.58% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank increased its position in shares of Allstate Corporation (The) by 25.5% in the second quarter. Toronto Dominion Bank now owns 123,677 shares of the insurance provider’s stock worth $10,936,000 after buying an additional 25,110 shares during the last quarter. Archford Capital Strategies LLC increased its position in shares of Allstate Corporation (The) by 1,349.4% in the second quarter. Archford Capital Strategies LLC now owns 32,176 shares of the insurance provider’s stock worth $1,149,000 after buying an additional 29,956 shares during the last quarter. EP Wealth Advisors LLC increased its stake in Allstate Corporation (The) by 1.0% in the second quarter. EP Wealth Advisors LLC now owns 149,744 shares of the insurance provider’s stock worth $13,243,000 after buying an additional 1,540 shares in the last quarter. Advisory Services Network LLC increased its stake in Allstate Corporation (The) by 10.8% in the second quarter. Advisory Services Network LLC now owns 2,798 shares of the insurance provider’s stock worth $247,000 after buying an additional 273 shares in the last quarter. Finally, Afam Capital Inc. increased its stake in Allstate Corporation (The) by 1.1% in the second quarter. Afam Capital Inc. now owns 25,484 shares of the insurance provider’s stock worth $2,254,000 after buying an additional 271 shares in the last quarter. Hedge funds and other institutional investors own 76.91% of the company’s stock.

Allstate Corporation (The) Company Profile

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

Analyst Recommendations for Allstate Corporation (The) (NYSE:ALL)

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