Allstate (NYSE:ALL) Price Target Cut to $175.00

Allstate (NYSE:ALL) had its target price lowered by equities research analysts at Wells Fargo & Company from $177.00 to $175.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 2.39% from the stock’s previous close.

Several other research firms also recently weighed in on ALL. Keefe, Bruyette & Woods raised their price objective on Allstate from $199.00 to $208.00 and gave the company an “outperform” rating in a research note on Monday. StockNews.com downgraded Allstate from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Roth Mkm reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Allstate in a research note on Wednesday. Morgan Stanley dropped their price objective on Allstate from $205.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Finally, The Goldman Sachs Group raised their price target on Allstate from $199.00 to $204.00 and gave the stock a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $191.44.

Allstate Price Performance

Shares of ALL traded up $1.18 during mid-day trading on Friday, hitting $179.29. The company’s stock had a trading volume of 119,112 shares, compared to its average volume of 1,562,393. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.49. The firm has a 50-day simple moving average of $166.16 and a 200 day simple moving average of $165.26. The firm has a market capitalization of $47.32 billion, a P/E ratio of 39.34, a P/E/G ratio of 1.86 and a beta of 0.48. Allstate has a 1-year low of $104.29 and a 1-year high of $184.30.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.61 EPS for the quarter, beating the consensus estimate of $0.33 by $1.28. Allstate had a return on equity of 24.05% and a net margin of 5.03%. The business had revenue of $15.71 billion during the quarter, compared to analysts’ expectations of $14.04 billion. During the same period last year, the firm earned ($4.42) EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Analysts predict that Allstate will post 13.64 EPS for the current fiscal year.

Insider Activity

In related news, insider Suren Gupta sold 45,775 shares of Allstate stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $177.28, for a total value of $8,114,992.00. Following the transaction, the insider now owns 89,930 shares in the company, valued at $15,942,790.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Allstate during the first quarter worth about $25,000. Private Wealth Management Group LLC acquired a new position in shares of Allstate during the fourth quarter worth about $25,000. Rise Advisors LLC acquired a new position in shares of Allstate during the first quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new position in shares of Allstate during the first quarter worth about $26,000. Finally, Versant Capital Management Inc lifted its stake 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 purchasing 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.