Allstate Corporation (The) (ALL) Downgraded by Zacks Investment Research

Allstate Corporation (The) (NYSE:ALL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Shares of Allstate have underperformed the industry in last six months. The company is faced with exposure to catastrophe losses, owing to its large property insurance business, which imparts volatiliy to its earnings. Its underperforming brand Encompass is another drag. The company is poised to grow on the back of its well-performing property and liability segment. A number of initiatives undertaken to improve profitability in the auto segment will drive long-term growth. A strong balance sheet and intelligent capital management are the other positives. The acquisition of SquareTrade will diversify the company's operations.”

A number of other research firms have also recently issued reports on ALL. BidaskClub cut Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research note on Thursday, August 17th. Deutsche Bank AG lowered Allstate Corporation (The) from a “buy” rating to a “hold” rating and lifted their price target for the company from $90.00 to $96.00 in a research note on Tuesday, August 8th. Barclays PLC lifted their price target on Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, August 11th. Finally, UBS AG reissued a “neutral” rating and set a $94.00 price target (up from $86.00) on shares of Allstate Corporation (The) in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $90.50.

Allstate Corporation (NYSE ALL) traded up 0.14% on Tuesday, reaching $93.33. 883,978 shares of the company’s stock were exchanged. Allstate Corporation has a 52 week low of $66.55 and a 52 week high of $95.25. The company has a market cap of $33.73 billion, a price-to-earnings ratio of 13.79 and a beta of 1.08. The stock’s 50 day moving average is $91.07 and its 200 day moving average is $87.78.

Allstate Corporation (The) (NYSE:ALL) last released its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The firm had revenue of $8.02 billion for the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter in the previous year, the business posted $0.62 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that Allstate Corporation will post $5.93 earnings per share for the current year.

Allstate Corporation (The) declared that its board has approved a share buyback program on Tuesday, August 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 63% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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In related news, President Matthew E. Winter sold 48,058 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.54, for a total value of $4,255,055.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Steven E. Shebik sold 35,197 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $94.28, for a total value of $3,318,373.16. Following the completion of the transaction, the chief financial officer now directly owns 127,560 shares in the company, valued at $12,026,356.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 143,602 shares of company stock worth $13,272,624. 1.58% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of ALL. Savant Capital LLC increased its holdings in Allstate Corporation (The) by 27.5% in the first quarter. Savant Capital LLC now owns 9,465 shares of the insurance provider’s stock worth $771,000 after purchasing an additional 2,042 shares in the last quarter. Hancock Holding Co. increased its holdings in Allstate Corporation (The) by 168.0% in the first quarter. Hancock Holding Co. now owns 181,112 shares of the insurance provider’s stock worth $14,760,000 after purchasing an additional 113,522 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Allstate Corporation (The) by 3.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 360,220 shares of the insurance provider’s stock worth $29,355,000 after purchasing an additional 13,330 shares in the last quarter. United Bank Inc. bought a new stake in Allstate Corporation (The) in the first quarter worth approximately $279,000. Finally, Envestnet Asset Management Inc. increased its holdings in Allstate Corporation (The) by 0.5% in the first quarter. Envestnet Asset Management Inc. now owns 139,128 shares of the insurance provider’s stock worth $11,334,000 after purchasing an additional 707 shares in the last quarter. Institutional investors and hedge funds own 76.12% of the company’s stock.

About Allstate Corporation (The)

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insuranc

According to Zacks, “Shares of Allstate have underperformed the industry in last six months. The company is faced with exposure to catastrophe losses, owing to its large property insurance business, which imparts volatiliy to its earnings. Its underperforming brand Encompass is another drag. The company is poised to grow on the back of its well-performing property and liability segment. A number of initiatives undertaken to improve profitability in the auto segment will drive long-term growth. A strong balance sheet and intelligent capital management are the other positives. The acquisition of SquareTrade will diversify the company's operations.”

A number of other research firms have also recently issued reports on ALL. BidaskClub cut Allstate Corporation (The) from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Wells Fargo & Company reissued a “buy” rating on shares of Allstate Corporation (The) in a research note on Thursday, August 17th. Deutsche Bank AG lowered Allstate Corporation (The) from a “buy” rating to a “hold” rating and lifted their price target for the company from $90.00 to $96.00 in a research note on Tuesday, August 8th. Barclays PLC lifted their price target on Allstate Corporation (The) from $101.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, August 11th. Finally, UBS AG reissued a “neutral” rating and set a $94.00 price target (up from $86.00) on shares of Allstate Corporation (The) in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $90.50.

Allstate Corporation (NYSE ALL) traded up 0.14% on Tuesday, reaching $93.33. 883,978 shares of the company’s stock were exchanged. Allstate Corporation has a 52 week low of $66.55 and a 52 week high of $95.25. The company has a market cap of $33.73 billion, a price-to-earnings ratio of 13.79 and a beta of 1.08. The stock’s 50 day moving average is $91.07 and its 200 day moving average is $87.78.

Allstate Corporation (The) (NYSE:ALL) last released its earnings results on Tuesday, August 1st. The insurance provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.48. Allstate Corporation (The) had a return on equity of 12.73% and a net margin of 7.02%. The firm had revenue of $8.02 billion for the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter in the previous year, the business posted $0.62 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that Allstate Corporation will post $5.93 earnings per share for the current year.

Allstate Corporation (The) declared that its board has approved a share buyback program on Tuesday, August 1st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 63% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

WARNING: This piece of content was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece of content on another website, it was stolen and reposted in violation of United States and international copyright & trademark laws. The correct version of this piece of content can be read at https://ledgergazette.com/2017/10/10/allstate-corporation-the-all-downgraded-by-zacks-investment-research.html.

In related news, President Matthew E. Winter sold 48,058 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.54, for a total value of $4,255,055.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Steven E. Shebik sold 35,197 shares of Allstate Corporation (The) stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $94.28, for a total value of $3,318,373.16. Following the completion of the transaction, the chief financial officer now directly owns 127,560 shares in the company, valued at $12,026,356.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 143,602 shares of company stock worth $13,272,624. 1.58% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of ALL. Savant Capital LLC increased its holdings in Allstate Corporation (The) by 27.5% in the first quarter. Savant Capital LLC now owns 9,465 shares of the insurance provider’s stock worth $771,000 after purchasing an additional 2,042 shares in the last quarter. Hancock Holding Co. increased its holdings in Allstate Corporation (The) by 168.0% in the first quarter. Hancock Holding Co. now owns 181,112 shares of the insurance provider’s stock worth $14,760,000 after purchasing an additional 113,522 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Allstate Corporation (The) by 3.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 360,220 shares of the insurance provider’s stock worth $29,355,000 after purchasing an additional 13,330 shares in the last quarter. United Bank Inc. bought a new stake in Allstate Corporation (The) in the first quarter worth approximately $279,000. Finally, Envestnet Asset Management Inc. increased its holdings in Allstate Corporation (The) by 0.5% in the first quarter. Envestnet Asset Management Inc. now owns 139,128 shares of the insurance provider’s stock worth $11,334,000 after purchasing an additional 707 shares in the last quarter. Institutional investors and hedge funds own 76.12% of the company’s stock.

About Allstate Corporation (The)

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business.

Analyst Recommendations for Allstate Corporation (The) (NYSE:ALL)

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