Credit Suisse Group Lowers Allstate (NYSE:ALL) to Underperform

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Credit Suisse Group lowered shares of Allstate (NYSE:ALL) from a neutral rating to an underperform rating in a research note released on Thursday morning, 24/7 WallStreet reports. They currently have $94.00 target price on the insurance provider’s stock, down from their previous target price of $100.00.

ALL has been the subject of several other research reports. Barclays reiterated a buy rating and issued a $65.00 target price on shares of Owens Corning in a research note on Monday, July 1st. Goldman Sachs Group upgraded shares of Koninklijke KPN from a neutral rating to a buy rating in a research note on Wednesday, May 29th. Morgan Stanley reduced their price target on shares of Tesla from $97.00 to $10.00 and set an equal weight rating for the company in a research report on Tuesday, May 21st. Zacks Investment Research lowered shares of KKR & Co Inc from a buy rating to a hold rating in a research report on Friday, March 22nd. Finally, UBS Group restated a buy rating and set a $25.00 price target on shares of Infineon Technologies in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $103.46.

Allstate stock opened at $103.91 on Thursday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.30. Allstate has a 12-month low of $77.00 and a 12-month high of $107.43. The company’s fifty day moving average is $100.65. The firm has a market cap of $34.34 billion, a P/E ratio of 12.88, a PEG ratio of 1.40 and a beta of 0.81.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $2.30 EPS for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.02. Allstate had a net margin of 6.26% and a return on equity of 12.66%. The business had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the previous year, the business posted $2.96 EPS. Allstate’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts anticipate that Allstate will post 8.84 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, May 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $2.00 annualized dividend and a yield of 1.92%. Allstate’s payout ratio is currently 24.78%.

In other Allstate news, insider Glenn T. Shapiro sold 22,289 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $102.22, for a total transaction of $2,278,381.58. Following the sale, the insider now directly owns 25,584 shares of the company’s stock, valued at $2,615,196.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Judith A. Sprieser sold 2,225 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $102.63, for a total transaction of $228,351.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,703 shares of company stock valued at $5,593,860. 1.60% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strategy Asset Managers LLC acquired a new stake in Allstate in the 1st quarter worth about $25,000. Legacy Advisors LLC bought a new stake in Allstate during the 1st quarter worth approximately $29,000. Executive Wealth Management LLC bought a new stake in Allstate during the 4th quarter worth approximately $32,000. Sontag Advisory LLC bought a new stake in Allstate during the 4th quarter worth approximately $34,000. Finally, Enterprise Financial Services Corp grew its holdings in Allstate by 85.1% during the 1st quarter. Enterprise Financial Services Corp now owns 385 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 177 shares during the last quarter. 77.32% of the stock is currently owned by institutional investors and hedge funds.

Allstate Company Profile

The Allstate Corporation, through its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection, Service Businesses, Allstate Life, and Allstate Benefits segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal lines products, such as renter, condominium, landlord, boat, umbrella, and manufactured home insurance; and commercial lines products under the Allstate, Esurance, and Encompass brand names.

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Analyst Recommendations for Allstate (NYSE:ALL)

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