Allstate (NYSE:ALL) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Allstate (NYSE:ALL) had its target price raised by JPMorgan Chase & Co. from $217.00 to $222.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

Several other research analysts also recently commented on the stock. StockNews.com upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research report on Tuesday. Evercore ISI raised Allstate from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 8th. Argus raised Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. Wells Fargo & Company lifted their target price on Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 14th. Finally, Barclays dropped their target price on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $220.00.

Allstate Stock Performance

ALL opened at $190.86 on Tuesday. The firm has a market cap of $50.58 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 1.01 and a beta of 0.36. The business’s fifty day moving average is $196.78 and its 200-day moving average is $194.17. Allstate has a 52-week low of $156.66 and a 52-week high of $212.91. 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 (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, topping analysts’ consensus estimates of $5.40 by $2.27. Allstate had a net margin of 7.28% and a return on equity of 28.20%. Sell-side analysts expect that Allstate will post 18.74 EPS for the current fiscal year.

Allstate Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were paid a $1.00 dividend. This is a boost from Allstate’s previous quarterly dividend of $0.92. The ex-dividend date was Monday, March 10th. This represents a $4.00 annualized dividend and a dividend yield of 2.10%. Allstate’s payout ratio is currently 23.54%.

Allstate declared that its Board of Directors has initiated a stock buyback program on Wednesday, February 26th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

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

Institutional Investors Weigh In On Allstate

Institutional investors have recently modified their holdings of the company. VSM Wealth Advisory LLC acquired a new position in Allstate in the fourth quarter valued at $25,000. Twin Tree Management LP bought a new position in shares of Allstate in the 4th quarter worth about $27,000. Vision Financial Markets LLC acquired a new position in shares of Allstate in the 4th quarter valued at about $29,000. Hopwood Financial Services Inc. bought a new stake in shares of Allstate during the 4th quarter valued at about $29,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in Allstate during the fourth quarter worth approximately $29,000. 76.47% of the stock is owned by 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.