Allstate (NYSE:ALL) Hits New 1-Year High – Here’s Why

Shares of The Allstate Co. (NYSE:ALL) hit a new 52-week high during trading on Monday . The company traded as high as $210.35 and last traded at $209.38, with a volume of 311856 shares trading hands. The stock had previously closed at $207.49.

Wall Street Analyst Weigh In

A number of brokerages have commented on ALL. Evercore ISI upgraded shares of Allstate from an “in-line” rating to an “outperform” rating in a research note on Wednesday, January 8th. Barclays cut their price target on shares of Allstate from $187.00 to $183.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Argus upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research note on Monday, March 3rd. Wells Fargo & Company increased their price target on shares of Allstate from $186.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 14th. Finally, Piper Sandler increased their price target on shares of Allstate from $206.00 to $244.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Allstate currently has an average rating of “Moderate Buy” and an average price target of $217.94.

Allstate Trading Down 2.4 %

The firm has a market capitalization of $54.33 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47. The business’s 50-day moving average is $192.60 and its 200 day moving average is $192.74. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.40.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, February 5th. The insurance provider reported $7.67 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%. As a group, analysts anticipate that The Allstate Co. will post 18.74 EPS for the current fiscal year.

Allstate Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.00 dividend. This is a positive change from Allstate’s previous quarterly dividend of $0.92. This represents a $4.00 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Monday, March 10th. Allstate’s dividend payout ratio (DPR) is currently 23.54%.

Allstate declared that its board has approved a stock repurchase plan on Wednesday, February 26th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Allstate

In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $186.53, for a total value of $7,480,226.06. Following the transaction, the chief financial officer now directly owns 18,115 shares of the company’s stock, valued at $3,378,990.95. This trade represents a 68.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Allstate

Hedge funds have recently bought and sold shares of the company. VSM Wealth Advisory LLC bought a new position in Allstate in the 4th quarter valued at about $25,000. FSA Wealth Management LLC acquired a new stake in shares of Allstate in the 3rd quarter valued at approximately $26,000. Twin Tree Management LP acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $27,000. Vision Financial Markets LLC acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $29,000. Finally, Hopwood Financial Services Inc. acquired a new stake in shares of Allstate in the 4th quarter valued at approximately $29,000. 76.47% of the stock is owned by institutional investors.

About Allstate

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.