Allstate (NYSE:ALL) Rating Lowered to “Hold” at StockNews.com

Allstate (NYSE:ALL) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

ALL has been the topic of several other reports. Evercore ISI upgraded shares of Allstate from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 8th. Wells Fargo & Company increased their price target on Allstate from $186.00 to $187.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 14th. Argus upgraded Allstate from a “hold” rating to a “buy” rating in a report on Monday, March 3rd. Barclays reduced their target price on Allstate from $187.00 to $183.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Allstate from $235.00 to $240.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Allstate has a consensus rating of “Moderate Buy” and a consensus target price of $219.80.

Allstate Stock Performance

NYSE:ALL opened at $207.45 on Monday. The stock has a 50-day simple moving average of $196.53 and a two-hundred day simple moving average of $194.20. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.36. Allstate has a 52-week low of $156.66 and a 52-week high of $212.91. The firm has a market capitalization of $54.98 billion, a PE ratio of 12.21, a P/E/G ratio of 1.01 and a beta of 0.47.

Allstate (NYSE:ALL) last announced its quarterly earnings data on Wednesday, February 5th. The insurance provider reported $7.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. Analysts forecast that Allstate will post 18.74 EPS for the current year.

Allstate declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 26th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the sale, the chief financial officer now owns 18,115 shares of the company’s stock, valued at approximately $3,378,990.95. This trade represents a 68.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Allstate

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in Allstate by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 577,934 shares of the insurance provider’s stock worth $109,605,000 after purchasing an additional 28,584 shares in the last quarter. Ameritas Advisory Services LLC raised its stake in shares of Allstate by 117.3% during the 4th quarter. Ameritas Advisory Services LLC now owns 4,896 shares of the insurance provider’s stock worth $944,000 after acquiring an additional 2,643 shares in the last quarter. Hennessy Advisors Inc. lifted its position in Allstate by 6.9% during the fourth quarter. Hennessy Advisors Inc. now owns 58,600 shares of the insurance provider’s stock valued at $11,297,000 after acquiring an additional 3,800 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Allstate by 10.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider’s stock valued at $98,065,000 after acquiring an additional 48,382 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its stake in Allstate by 33.3% in the fourth quarter. Artemis Investment Management LLP now owns 401,542 shares of the insurance provider’s stock valued at $77,413,000 after acquiring an additional 100,311 shares in the last quarter. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

Allstate Company Profile

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.