Allstate (NYSE:ALL) Reaches New 1-Year High on Strong Earnings

The Allstate Co. (NYSE:ALL) shares reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $180.87 and last traded at $175.80, with a volume of 186825 shares changing hands. The stock had previously closed at $171.12.

The insurance provider reported $1.61 EPS for the quarter, beating the consensus estimate of $0.33 by $1.28. Allstate had a return on equity of 14.44% and a net margin of 2.31%. The business had revenue of $15.71 billion during the quarter, compared to the consensus estimate of $14.04 billion. During the same period in the prior year, the business posted ($4.42) earnings per share. Allstate’s revenue was up 12.4% compared to the same quarter last year.

Allstate Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, August 30th will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Friday, August 30th. Allstate’s payout ratio is currently 81.24%.

Analyst Ratings Changes

Several research firms recently weighed in on ALL. The Goldman Sachs Group boosted their target price on Allstate from $197.00 to $199.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Roth Mkm lifted their target price on shares of Allstate from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Evercore ISI upped their price target on shares of Allstate from $166.00 to $173.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Bank of America lifted their price objective on Allstate from $213.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, StockNews.com downgraded Allstate from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Allstate presently has an average rating of “Moderate Buy” and an average target price of $183.24.

Insider Buying and Selling

In related news, insider Suren Gupta sold 45,775 shares of Allstate stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $177.28, for a total transaction of $8,114,992.00. Following the completion of the sale, the insider now directly owns 89,930 shares of the company’s stock, valued at approximately $15,942,790.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Allstate

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SageView Advisory Group LLC bought a new position in Allstate in the fourth quarter valued at about $456,000. Rafferty Asset Management LLC raised its holdings in Allstate by 5.7% in the 4th quarter. Rafferty Asset Management LLC now owns 92,753 shares of the insurance provider’s stock valued at $12,984,000 after buying an additional 4,987 shares during the last quarter. SteelPeak Wealth LLC boosted its position in Allstate by 175.2% during the 4th quarter. SteelPeak Wealth LLC now owns 15,682 shares of the insurance provider’s stock worth $2,209,000 after buying an additional 9,984 shares during the period. Lighthouse Investment Partners LLC acquired a new stake in Allstate during the 4th quarter worth about $5,927,000. Finally, Mizuho Markets Americas LLC acquired a new position in shares of Allstate in the 4th quarter valued at about $52,042,000. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Allstate Stock Performance

The stock has a market capitalization of $46.15 billion, a price-to-earnings ratio of 37.78, a price-to-earnings-growth ratio of 1.82 and a beta of 0.48. The company has a 50 day simple moving average of $164.17 and a 200-day simple moving average of $163.89. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.48.

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.