Allstate (NYSE:ALL) Releases Earnings Results, Beats Expectations By $2.93 EPS

Allstate (NYSE:ALL) posted its quarterly earnings data on Wednesday. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate of $6.06 by $2.93, FiscalAI reports. Allstate had a net margin of 17.81% and a return on equity of 42.66%.

Allstate Trading Up 0.6%

Shares of NYSE:ALL traded up $1.69 during midday trading on Wednesday, hitting $264.25. The company had a trading volume of 1,433,613 shares, compared to its average volume of 1,671,064. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25. Allstate has a 12 month low of $188.08 and a 12 month high of $277.22. The firm has a fifty day simple moving average of $237.86 and a 200 day simple moving average of $219.05. The stock has a market cap of $68.02 billion, a price-to-earnings ratio of 5.83, a PEG ratio of 0.45 and a beta of 0.16.

Allstate Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, August 31st. Allstate’s dividend payout ratio (DPR) is currently 9.53%.

Insider Transactions at Allstate

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value of $335,218.50. Following the transaction, the insider owned 27,558 shares of the company’s stock, valued at approximately $5,959,968.66. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the transaction, the director owned 2,225 shares in the company, valued at approximately $451,474.75. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Allstate

A number of hedge funds and other institutional investors have recently made changes to their positions in ALL. Brighton Jones LLC increased its position in shares of Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider’s stock valued at $1,253,000 after buying an additional 2,443 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in Allstate during the 4th quarter worth $231,000. WINTON GROUP Ltd bought a new position in Allstate during the second quarter worth about $210,000. Treasurer of the State of North Carolina grew its stake in Allstate by 2.5% in the second quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider’s stock valued at $24,816,000 after acquiring an additional 3,051 shares during the period. Finally, Ieq Capital LLC grew its stake in Allstate by 20.1% in the second quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider’s stock valued at $7,713,000 after acquiring an additional 6,412 shares during the period. 76.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ALL has been the subject of several research reports. Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Zacks Research lowered Allstate from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Mizuho raised their price target on Allstate from $255.00 to $272.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. HSBC lowered Allstate from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $244.00 to $264.00 in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Allstate from $242.00 to $255.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $254.80.

Allstate Company Profile

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.