Allstate Corp. (NYSE:ALL) was downgraded by Deutsche Bank from a “buy” rating to a “hold” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. They currently have a $57.00 price target on the stock, down from their previous price target of $58.00. Deutsche Bank’s target price would suggest a potential upside of 9.30% from the company’s current price.
The analysts wrote, “Consensus estimates for run-rate earnings power at Allstate are now around $5+ per share accurately reflected Allstate’s earnings power in the current interest rate environment. Further, valuation of Allstate stock has closed the gap with its large cap P&C peers. We continue to believe that Allstate is likely to outperform those commercial P&C peers, but further upside will rest heavily on macro trends and multiple expansion rather than fundamental execution. Our Hold rating reflects upside in the stock, but not enough to begin building a new position in the name.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James raised their price target on shares of Allstate Corp. from $57.00 to $60.00 in a research note to investors on Friday. They now have a “strong” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Allstate Corp. in a research note to investors on Thursday. They now have a $54.00 price target on the stock. Finally, analysts at Nomura reiterated a “neutral” rating on shares of Allstate Corp. in a research note to investors on Thursday. They now have a $54.00 price target on the stock, up previously from $52.00.
One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $88.65.
Shares of Allstate Corp. (NYSE:ALL) traded down 1.13% during mid-day trading on Monday, hitting $51.56. Allstate Corp. has a 52 week low of $36.63 and a 52 week high of $52.61. The stock’s 50-day moving average is currently $49.67. The company has a market cap of $23.975 billion and a P/E ratio of 11.15.
Allstate Corp. (NYSE:ALL) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.12 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.99 by $0.13. The company had revenue of $8.79 billion for the quarter, compared to the consensus estimate of $7.01 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts expect that Allstate Corp. will post $4.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Saturday, August 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, August 28th.
The Allstate Corporation (NYSE:ALL) is a holding company for Allstate Insurance Company.