William Blair Analysts Increase Earnings Estimates for The Allstate Co. (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Research analysts at William Blair lifted their Q1 2024 earnings per share (EPS) estimates for Allstate in a report released on Monday, March 25th. William Blair analyst A. Klauber now expects that the insurance provider will post earnings of $5.50 per share for the quarter, up from their prior estimate of $3.99. The consensus estimate for Allstate’s current full-year earnings is $13.11 per share. William Blair also issued estimates for Allstate’s FY2024 earnings at $16.77 EPS.

Allstate (NYSE:ALL) last posted its earnings results on Thursday, February 8th. The insurance provider reported $5.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.87 by $1.95. The firm had revenue of $14.83 billion for the quarter, compared to analyst estimates of $12.69 billion. Allstate had a positive return on equity of 2.67% and a negative net margin of 0.33%. Allstate’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.36) EPS.

ALL has been the subject of several other reports. TheStreet raised shares of Allstate from a “c+” rating to a “b” rating in a research note on Wednesday, February 7th. BMO Capital Markets increased their target price on Allstate from $140.00 to $158.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. Wells Fargo & Company increased their price objective on shares of Allstate from $112.00 to $145.00 and gave the stock an “underweight” rating in a report on Friday, February 9th. Raymond James upped their price target on shares of Allstate from $155.00 to $180.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Allstate from $164.00 to $172.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $165.56.

Allstate Price Performance

Allstate stock opened at $173.02 on Thursday. The firm’s 50-day moving average is $159.48 and its two-hundred day moving average is $140.38. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.37 and a quick ratio of 0.37. The stock has a market capitalization of $45.52 billion, a P/E ratio of -139.53, a P/E/G ratio of 0.45 and a beta of 0.51. Allstate has a 12-month low of $100.57 and a 12-month high of $173.47.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALL. Vanguard Group Inc. boosted its holdings in Allstate by 11.5% during the third quarter. Vanguard Group Inc. now owns 32,270,589 shares of the insurance provider’s stock worth $3,595,266,000 after buying an additional 3,322,673 shares in the last quarter. BlackRock Inc. boosted its position in shares of Allstate by 0.8% in the 2nd quarter. BlackRock Inc. now owns 22,294,372 shares of the insurance provider’s stock valued at $2,430,978,000 after purchasing an additional 181,050 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Allstate by 0.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,123,728 shares of the insurance provider’s stock worth $1,137,160,000 after buying an additional 75,898 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Allstate by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,926,917 shares of the insurance provider’s stock valued at $660,318,000 after buying an additional 172,250 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Allstate by 1.1% in the first quarter. Geode Capital Management LLC now owns 5,815,257 shares of the insurance provider’s stock worth $643,015,000 after acquiring an additional 63,438 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company’s stock.

Insider Activity

In other Allstate news, CAO John C. Pintozzi sold 4,000 shares of Allstate stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,736 shares in the company, valued at $1,712,069.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Allstate news, CAO John C. Pintozzi sold 4,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $159.47, for a total value of $637,880.00. Following the completion of the transaction, the chief accounting officer now owns 10,736 shares in the company, valued at approximately $1,712,069.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John E. Dugenske sold 31,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total value of $5,276,200.00. Following the transaction, the insider now owns 63,731 shares of the company’s stock, valued at $10,847,016.20. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Allstate Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Monday, March 4th will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Friday, March 1st. This is an increase from Allstate’s previous quarterly dividend of $0.89. Allstate’s dividend payout ratio (DPR) is currently -296.77%.

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.