Allstate (NYSE:ALL) Price Target Increased to $226.00 by Analysts at Bank of America

Allstate (NYSE:ALL) had its target price increased by Bank of America from $213.00 to $226.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other equities analysts also recently weighed in on ALL. BMO Capital Markets upgraded Allstate from a market perform rating to an outperform rating and increased their target price for the stock from $190.00 to $191.00 in a research report on Thursday, July 18th. The Goldman Sachs Group upped their price objective on shares of Allstate from $197.00 to $199.00 and gave the company a buy rating in a research note on Friday, July 19th. Morgan Stanley lowered their target price on shares of Allstate from $205.00 to $200.00 and set an overweight rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. upped their price target on shares of Allstate from $193.00 to $200.00 and gave the stock an overweight rating in a research report on Thursday, July 11th. Finally, Roth Mkm boosted their price objective on shares of Allstate from $175.00 to $200.00 and gave the company a buy rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Allstate currently has a consensus rating of Moderate Buy and an average target price of $184.06.

Allstate Price Performance

Allstate stock opened at $176.82 on Thursday. The firm’s 50-day moving average is $164.68 and its two-hundred day moving average is $164.34. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $46.69 billion, a P/E ratio of 39.03, a P/E/G ratio of 1.86 and a beta of 0.48. Allstate has a 12-month low of $104.29 and a 12-month high of $180.87.

Allstate (NYSE:ALL) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $1.28. Allstate had a net margin of 5.03% and a return on equity of 24.05%. The firm had revenue of $15.71 billion for the quarter, compared to analyst estimates of $14.04 billion. During the same quarter last year, the business earned ($4.42) earnings per share. Allstate’s revenue was up 12.4% compared to the same quarter last year. Equities analysts predict that Allstate will post 13.64 earnings per share for the current year.

Allstate Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, August 30th will be issued a dividend of $0.92 per share. The ex-dividend date is Friday, August 30th. This represents a $3.68 annualized dividend and a dividend yield of 2.08%. Allstate’s payout ratio is currently 81.24%.

Insider Buying and Selling

In other Allstate news, insider Suren Gupta sold 45,775 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $177.28, for a total value of $8,114,992.00. Following the completion of the sale, the insider now owns 89,930 shares of the company’s stock, valued at $15,942,790.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allstate

A number of institutional investors have recently added to or reduced their stakes in ALL. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Allstate during the first quarter worth about $25,000. Private Wealth Management Group LLC purchased a new stake in Allstate during the 4th quarter worth approximately $25,000. Rise Advisors LLC acquired a new position in shares of Allstate in the 1st quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new position in shares of Allstate during the 1st quarter valued at approximately $26,000. Finally, Versant Capital Management Inc grew its position in shares of Allstate by 70.9% during the second quarter. Versant Capital Management Inc now owns 188 shares of the insurance provider’s stock worth $30,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

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.