Brokers Offer Predictions for The Allstate Co.’s Q1 2024 Earnings (NYSE:ALL)

The Allstate Co. (NYSE:ALL) – Investment analysts at Zacks Research increased their Q1 2024 earnings per share (EPS) estimates for shares of Allstate in a research report issued to clients and investors on Wednesday, April 24th. Zacks Research analyst D. Chatterjee now expects that the insurance provider will earn $2.77 per share for the quarter, up from their prior estimate of $2.76. The consensus estimate for Allstate’s current full-year earnings is $13.44 per share. Zacks Research also issued estimates for Allstate’s Q3 2024 earnings at $2.79 EPS, Q1 2025 earnings at $3.74 EPS, Q1 2026 earnings at $3.73 EPS and FY2026 earnings at $17.32 EPS.

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

A number of other equities analysts have also recently commented on the company. JPMorgan Chase & Co. raised their target price on Allstate from $172.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Wells Fargo & Company raised their target price on Allstate from $145.00 to $146.00 and gave the stock an “underweight” rating in a report on Thursday, April 11th. Jefferies Financial Group raised Allstate from a “hold” rating to a “buy” rating and raised their target price for the stock from $130.00 to $180.00 in a report on Tuesday, January 9th. UBS Group raised their target price on Allstate from $171.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Finally, TheStreet raised Allstate from a “c+” rating to a “b” rating in a report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Allstate presently has an average rating of “Moderate Buy” and a consensus price target of $173.71.

Allstate Price Performance

NYSE ALL opened at $172.27 on Thursday. The business’s fifty day moving average price is $164.72 and its 200-day moving average price is $148.59. The stock has a market capitalization of $45.32 billion, a price-to-earnings ratio of -138.93, a PEG ratio of 0.43 and a beta of 0.52. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.37 and a quick ratio of 0.37. Allstate has a 1-year low of $100.57 and a 1-year high of $176.93.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALL. 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 worth $3,595,266,000 after acquiring an additional 3,322,673 shares in the last quarter. Norges Bank purchased a new position in Allstate in the fourth quarter worth about $212,771,000. Invesco Ltd. grew its position in Allstate by 46.6% in the third quarter. Invesco Ltd. now owns 4,121,941 shares of the insurance provider’s stock worth $459,225,000 after acquiring an additional 1,311,095 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in Allstate by 23.0% in 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, Palestra Capital Management LLC purchased a new position in Allstate in the fourth quarter worth about $83,561,000. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Insider Activity

In other news, CAO John C. Pintozzi sold 4,000 shares of the firm’s 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 owns 10,736 shares in the company, valued at $1,712,069.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO John C. Pintozzi sold 4,000 shares of the firm’s 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 owns 10,736 shares in the company, valued at $1,712,069.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John E. Dugenske sold 31,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 63,731 shares of the company’s stock, valued at approximately $10,847,016.20. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.

Allstate Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 4th were given a dividend of $0.92 per share. This is a positive change from Allstate’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Friday, March 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.14%. Allstate’s dividend payout ratio (DPR) is presently -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.