Q1 2023 EPS Estimates for The Allstate Co. (NYSE:ALL) Lowered by William Blair

Posted by Defense World Staff on Apr 6th, 2023

The Allstate Co. (NYSE:ALL – Get Rating) – Analysts at William Blair reduced their Q1 2023 earnings estimates for Allstate in a research note issued to investors on Monday, April 3rd. William Blair analyst A. Klauber now expects that the insurance provider will earn $1.30 per share for the quarter, down from their prior estimate of $2.23. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Allstate’s current full-year earnings is $6.72 per share. William Blair also issued estimates for Allstate’s Q2 2023 earnings at $0.23 EPS, Q3 2023 earnings at $1.43 EPS, FY2023 earnings at $6.85 EPS, Q2 2024 earnings at $2.82 EPS, Q3 2024 earnings at $3.42 EPS, Q4 2024 earnings at $5.60 EPS and FY2024 earnings at $15.40 EPS.

Allstate (NYSE:ALL – Get Rating) last posted its earnings results on Thursday, February 2nd. The insurance provider reported ($1.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.01. The firm had revenue of $13.55 billion during the quarter, compared to analyst estimates of $13.45 billion. Allstate had a negative net margin of 2.55% and a negative return on equity of 1.04%. Allstate’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.75 EPS.

A number of other equities research analysts have also commented on the stock. Roth Capital reissued a “buy” rating on shares of Allstate in a report on Thursday, February 2nd. StockNews.com started coverage on Allstate in a report on Thursday, March 16th. They set a “hold” rating for the company. Wells Fargo & Company dropped their price target on Allstate from $104.00 to $100.00 and set an “underweight” rating for the company in a research note on Wednesday. The Goldman Sachs Group upped their price objective on Allstate from $146.00 to $166.00 and gave the company a “buy” rating in a research note on Monday, January 9th. Finally, UBS Group increased their target price on shares of Allstate from $150.00 to $160.00 in a research report on Tuesday, January 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $145.54.

Allstate Stock Performance

ALL stock opened at $114.88 on Wednesday. The company has a market capitalization of $30.25 billion, a price-to-earnings ratio of -21.59, a P/E/G ratio of 2.35 and a beta of 0.57. Allstate has a 12 month low of $103.20 and a 12 month high of $144.46. The firm has a 50 day moving average of $123.28 and a two-hundred day moving average of $128.46. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.52.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Allstate by 1.1% in the third quarter. Vanguard Group Inc. now owns 25,700,343 shares of the insurance provider’s stock worth $3,200,463,000 after purchasing an additional 275,168 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Allstate by 8.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,928,406 shares of the insurance provider’s stock worth $803,892,000 after acquiring an additional 463,281 shares during the period. Price T Rowe Associates Inc. MD grew its position in Allstate by 123.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,540,295 shares of the insurance provider’s stock valued at $751,264,000 after purchasing an additional 3,064,105 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Allstate by 1.0% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,028,442 shares of the insurance provider’s stock valued at $626,192,000 after acquiring an additional 49,793 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Allstate by 29.0% during the 4th quarter. Morgan Stanley now owns 3,563,628 shares of the insurance provider’s stock worth $483,228,000 after buying an additional 800,665 shares during the period. Institutional investors own 77.48% of the company’s stock.

Insider Transactions at Allstate

In related news, CFO Jesse E. Merten sold 29,451 shares of the stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $134.18, for a total value of $3,951,735.18. Following the transaction, the chief financial officer now directly owns 16,668 shares of the company’s stock, valued at approximately $2,236,512.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.77% of the company’s stock.

Allstate Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Tuesday, February 28th were paid a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, February 27th. This is an increase from Allstate’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 3.10%. Allstate’s dividend payout ratio is currently -66.92%.

Allstate Company Profile

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The Allstate Corp. engages in the property and casualty insurance business and the provision of protection solutions. It operates through following business segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property-Liability, and Corporate and Other. The Allstate Protection segment offers private passenger auto, homeowners, other personal lines, and commercial insurance marketed under the Allstate, National General, and Answer Financial brand names.