Allstate (NYSE:ALL) Hits New 52-Week High – Here’s What Happened

The Allstate Corporation (NYSE:ALL)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $258.37 and last traded at $259.2760, with a volume of 132443 shares changing hands. The stock had previously closed at $254.52.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ALL. Roth Capital reaffirmed a “buy” rating and set a $275.00 price objective on shares of Allstate in a research report on Friday, July 17th. Atlantic Securities set a $319.00 target price on shares of Allstate in a research note on Wednesday, July 15th. UBS Group downgraded shares of Allstate from a “buy” rating to a “neutral” rating and raised their price target for the company from $255.00 to $261.00 in a report on Wednesday, July 15th. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research note on Thursday, May 28th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Allstate from $263.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.80.

Allstate Stock Up 1.6%

The stock has a market cap of $66.58 billion, a PE ratio of 5.72, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36. The company’s 50-day moving average price is $230.31 and its 200 day moving average price is $215.69.

Allstate (NYSE:ALL) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share for the quarter, topping the consensus estimate of $7.31 by $3.34. The firm had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.53 EPS. As a group, analysts forecast that The Allstate Corporation will post 30.51 EPS for the current fiscal year.

Allstate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, August 31st will be paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, August 31st. Allstate’s dividend payout ratio (DPR) is currently 9.53%.

Insider Activity

In related news, COO Mario Rizzo sold 18,578 shares of Allstate stock in a transaction on Friday, May 1st. The stock was sold at an average price of $218.80, for a total transaction of $4,064,866.40. Following the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the sale, the director directly owned 2,225 shares of the company’s stock, valued at $451,474.75. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,353 shares of company stock valued at $4,851,560 in the last 90 days. Company insiders own 1.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Allstate during the 4th quarter valued at approximately $531,294,000. GQG Partners LLC increased its holdings in Allstate by 36.0% in the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. raised its stake in Allstate by 29.2% during the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock worth $1,042,321,000 after acquiring an additional 1,131,172 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Allstate by 1,766.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 869,139 shares of the insurance provider’s stock valued at $180,911,000 after purchasing an additional 822,583 shares in the last quarter. Finally, Woodline Partners LP purchased a new position in Allstate during the third quarter valued at approximately $148,641,000. Institutional investors own 76.47% of the company’s stock.

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.