William Blair Comments on The Allstate Co.’s Q1 2024 Earnings (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Analysts at William Blair dropped their Q1 2024 earnings per share (EPS) estimates for shares of Allstate in a research note issued to investors on Thursday, April 18th. William Blair analyst A. Klauber now forecasts that the insurance provider will post earnings per share of $5.10 for the quarter, down from their previous forecast of $5.50. The consensus estimate for Allstate’s current full-year earnings is $13.44 per share. William Blair also issued estimates for Allstate’s FY2024 earnings at $16.36 EPS.

A number of other equities analysts have also commented on the company. Jefferies Financial Group raised Allstate from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $130.00 to $180.00 in a research note on Tuesday, January 9th. Morgan Stanley raised their price objective on shares of Allstate from $187.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. The Goldman Sachs Group upped their target price on shares of Allstate from $164.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday, March 25th. TheStreet raised shares of Allstate from a “c+” rating to a “b” rating in a research note on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price objective on shares of Allstate from $140.00 to $158.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $173.71.

Allstate Stock Performance

NYSE:ALL opened at $175.41 on Monday. The stock has a market capitalization of $46.15 billion, a P/E ratio of -141.46, a price-to-earnings-growth ratio of 0.42 and a beta of 0.52. Allstate has a 1 year low of $100.57 and a 1 year high of $176.12. The firm has a 50 day moving average of $164.17 and a 200-day moving average of $147.99. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.51.

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

Institutional Trading of Allstate

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Allstate by 11.5% in the third quarter. Vanguard Group Inc. now owns 32,270,589 shares of the insurance provider’s stock valued at $3,595,266,000 after purchasing an additional 3,322,673 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Allstate by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,926,917 shares of the insurance provider’s stock valued at $660,318,000 after acquiring an additional 172,250 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Allstate by 1.3% in the third quarter. Bank of New York Mellon Corp now owns 4,239,513 shares of the insurance provider’s stock valued at $472,324,000 after acquiring an additional 53,821 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in Allstate by 23.0% during the third quarter. Diamond Hill Capital Management Inc. now owns 4,184,211 shares of the insurance provider’s stock worth $466,163,000 after acquiring an additional 782,696 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Allstate by 46.6% during the third quarter. Invesco Ltd. now owns 4,121,941 shares of the insurance provider’s stock valued at $459,225,000 after purchasing an additional 1,311,095 shares during the last quarter. 76.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Allstate

In other news, insider John E. Dugenske sold 31,000 shares of Allstate stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the transaction, the insider now owns 63,731 shares in the company, valued at approximately $10,847,016.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO John C. Pintozzi sold 4,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $159.47, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John E. Dugenske sold 31,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $170.20, for a total value of $5,276,200.00. Following the completion of the sale, the insider now owns 63,731 shares in the company, valued at approximately $10,847,016.20. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.

Allstate Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were issued a dividend of $0.92 per share. The ex-dividend date was Friday, March 1st. This is a positive change from Allstate’s previous quarterly dividend of $0.89. This represents a $3.68 annualized dividend and a yield of 2.10%. Allstate’s payout ratio is currently -296.77%.

Allstate Company Profile

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.