Allstate (NYSE:ALL) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Allstate (NYSE:ALL) from a buy rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently issued reports on ALL. TD Cowen upped their price target on shares of Allstate from $231.00 to $260.00 and gave the company a “hold” rating in a report on Wednesday, September 23rd. Mizuho dropped their price objective on Allstate from $300.00 to $295.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 7th. Bank of America boosted their price objective on Allstate from $336.00 to $340.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. HSBC downgraded Allstate from a “buy” rating to a “hold” rating and set a $271.00 target price for the company. in a research note on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Allstate in a report on Monday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $271.71.

Allstate Stock Down 0.4%

Allstate stock opened at $253.80 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. Allstate has a 1-year low of $191.13 and a 1-year high of $281.11. The firm’s fifty day simple moving average is $245.77 and its 200-day simple moving average is $230.14. The company has a market capitalization of $64.18 billion, a P/E ratio of 6.16, a P/E/G ratio of 0.59 and a beta of 0.13.

Allstate (NYSE:ALL) last posted its earnings results on Wednesday, November 4th. The insurance provider reported $9.76 earnings per share for the quarter, beating the consensus estimate of $6.89 by $2.87. The company had revenue of $17.35 billion for the quarter, compared to analyst estimates of $15.87 billion. Allstate had a return on equity of 38.48% and a net margin of 16.57%. The business’s revenue was up .5% compared to the same quarter last year. During the same period last year, the company earned $11.17 earnings per share. Sell-side analysts forecast that Allstate will post 36.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allstate

Institutional investors have recently added to or reduced their stakes in the company. Kendall Capital Management raised its position in shares of Allstate by 2.4% in the 3rd quarter. Kendall Capital Management now owns 1,730 shares of the insurance provider’s stock worth $384,000 after buying an additional 40 shares during the period. Insight Inv LLC grew its stake in shares of Allstate by 0.3% in the third quarter. Insight Inv LLC now owns 13,682 shares of the insurance provider’s stock valued at $3,035,000 after buying an additional 44 shares in the last quarter. Cornerstone Financial Management LLC grew its stake in shares of Allstate by 24.9% in the second quarter. Cornerstone Financial Management LLC now owns 226 shares of the insurance provider’s stock valued at $54,000 after buying an additional 45 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc raised its holdings in shares of Allstate by 3.2% during the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 1,436 shares of the insurance provider’s stock valued at $319,000 after buying an additional 45 shares during the period. Finally, Capital Advisors Inc. OK raised its holdings in shares of Allstate by 2.6% during the 2nd quarter. Capital Advisors Inc. OK now owns 1,827 shares of the insurance provider’s stock valued at $435,000 after buying an additional 46 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Company Profile

Allstate Corporation is a U.S.-based insurance company that provides property and casualty coverage and related protection products. Its offerings include auto, homeowners, renters, condominium, motorcycle and recreational vehicle insurance, as well as life insurance and roadside assistance.

The company sells products through its Allstate-branded business and other businesses, including National General, using agents and direct-to-consumer channels. Allstate primarily serves customers in the United States.

Founded in 1931 as part of Sears, Roebuck and Co, Allstate became an independent, publicly traded company in 1993.