Allstate (ALL) Receives Hold Rating from Wells Fargo & Co
Allstate (NYSE:ALL)‘s stock had its “hold” rating reiterated by investment analysts at Wells Fargo & Co in a research note issued on Thursday.
The analysts wrote, “We are not changing our EPS estimate at this time. We have $655 million of cats in our Q3 EPS estimate (which sits above the 10year average Q3 cat load for ALL at $614 million), which leaves $393 million for the remaining two months. Todate August has seen a low level of losses. We do not expect much movement in the ALL shares in response to the cat announcement.””
ALL has been the subject of several other reports. ValuEngine lowered Allstate from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Argus increased their price objective on Allstate from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, May 9th. Citigroup reduced their price objective on Allstate from $113.00 to $108.00 and set a “buy” rating for the company in a report on Friday, May 4th. B. Riley increased their price objective on Allstate from $88.00 to $103.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Finally, Credit Suisse Group assumed coverage on Allstate in a report on Tuesday, August 7th. They set an “outperform” rating and a $114.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Allstate has a consensus rating of “Hold” and a consensus price target of $103.62.
Allstate (NYSE:ALL) last released its earnings results on Wednesday, August 1st. The insurance provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.45. Allstate had a return on equity of 15.21% and a net margin of 9.06%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the company posted $1.38 earnings per share. Allstate’s quarterly revenue was up 5.5% on a year-over-year basis. analysts anticipate that Allstate will post 9.43 earnings per share for the current fiscal year.
In other Allstate news, EVP Susan L. Lees sold 22,189 shares of the stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $99.24, for a total transaction of $2,202,036.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Glenn T. Shapiro sold 21,728 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $98.70, for a total value of $2,144,553.60. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
Several large investors have recently bought and sold shares of ALL. Neumann Capital Management LLC raised its position in shares of Allstate by 2.1% in the first quarter. Neumann Capital Management LLC now owns 25,280 shares of the insurance provider’s stock worth $2,397,000 after buying an additional 530 shares in the last quarter. D.A. Davidson & CO. raised its position in shares of Allstate by 2.5% in the first quarter. D.A. Davidson & CO. now owns 21,966 shares of the insurance provider’s stock worth $2,082,000 after buying an additional 539 shares in the last quarter. Atlantic Trust Group LLC raised its position in shares of Allstate by 1.1% in the first quarter. Atlantic Trust Group LLC now owns 51,832 shares of the insurance provider’s stock worth $4,913,000 after buying an additional 541 shares in the last quarter. Valeo Financial Advisors LLC raised its position in shares of Allstate by 41.5% in the second quarter. Valeo Financial Advisors LLC now owns 1,859 shares of the insurance provider’s stock worth $183,000 after buying an additional 545 shares in the last quarter. Finally, Townsend & Associates Inc raised its position in shares of Allstate by 8.5% in the second quarter. Townsend & Associates Inc now owns 7,144 shares of the insurance provider’s stock worth $652,000 after buying an additional 558 shares in the last quarter. Hedge funds and other institutional investors own 78.28% of the company’s stock.
The Allstate Corporation, together with its subsidiaries, engages in property and casualty insurance, and life insurance businesses in the United States and Canada. The company's Allstate Protection segment sells private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products, including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; and commercial lines products under the Allstate, Esurance, and Encompass brand names.
Further Reading: Outstanding Shares and The Effect on Share Price
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