Piper Sandler Reiterates Allstate Corp (ALL) Overweight Recommendation
Fintel reports that on July 21, 2023, Piper Sandler reiterated coverage of Allstate Corp (NYSE:ALL) with a Overweight recommendation.
Analyst Price Forecast Suggests 21.73% Upside
As of July 6, 2023, the average one-year price target for Allstate Corp is 136.32. The forecasts range from a low of 101.00 to a high of $164.85. The average price target represents an increase of 21.73% from its latest reported closing price of 111.98.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Allstate Corp is 48,790MM, a decrease of 7.70%. The projected annual non-GAAP EPS is 9.25.
Allstate Corp Declares $0.89 Dividend
On May 22, 2023 the company declared a regular quarterly dividend of $0.89 per share ($3.56 annualized). Shareholders of record as of June 2, 2023 received the payment on July 3, 2023. Previously, the company paid $0.89 per share.
At the current share price of $111.98 / share, the stock's dividend yield is 3.18%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.37%, the lowest has been 1.61%, and the highest has been 3.48%. The standard deviation of yields is 0.40 (n=236).
The current dividend yield is 2.02 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is -0.41. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.65%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2058 funds or institutions reporting positions in Allstate Corp. This is a decrease of 35 owner(s) or 1.67% in the last quarter. Average portfolio weight of all funds dedicated to ALL is 0.29%, a decrease of 25.68%. Total shares owned by institutions decreased in the last three months by 1.45% to 226,633K shares. 
The put/call ratio of ALL is 0.97, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,150K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 8,059K shares, representing an increase of 1.12%. The firm decreased its portfolio allocation in ALL by 23.69% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 6,137K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 6,131K shares, representing an increase of 0.10%. The firm decreased its portfolio allocation in ALL by 24.14% over the last quarter.
Price T Rowe Associates holds 6,039K shares representing 2.30% ownership of the company. In it's prior filing, the firm reported owning 5,540K shares, representing an increase of 8.26%. The firm decreased its portfolio allocation in ALL by 17.10% over the last quarter.
Geode Capital Management holds 5,815K shares representing 2.21% ownership of the company. In it's prior filing, the firm reported owning 5,752K shares, representing an increase of 1.09%. The firm decreased its portfolio allocation in ALL by 23.58% over the last quarter.
Charles Schwab Investment Management holds 5,531K shares representing 2.10% ownership of the company. In it's prior filing, the firm reported owning 5,928K shares, representing a decrease of 7.19%. The firm decreased its portfolio allocation in ALL by 36.76% over the last quarter.
Allstate Corp Background Information
(This description is provided by the company.)
The Allstate Corporation protects people from life's uncertainties with a wide array of protection for autos, homes, electronic devices and identity theft with more than 172 million policies in force. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate is widely known for the slogan 'You're in Good Hands with Allstate.'
Additional reading:
- Allstate Announces June and Second Quarter 2023 Catastrophe Losses, Implemented Rates and Prior Year Reserve Reestimates
- Exhibit 99.2 The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written For the month ended June 30, 2023 Three months ended June 30, 2023 Number of locations (1) Total brand (%) (2) (3) Location specific
- AMENDED AND RESTATED BYLAWS OF THE ALLSTATE CORPORATION As Amended July 14, 2023 TABLE OF CONTENTS
- Allstate Announces May 2023 Catastrophe Losses and Implemented Auto Rates
- Exhibit 99.2 The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written For the month ended May 31, 2023 Quarter-to-date ended May 31, 2023 Number of locations (1) Total brand (%) (2) (3) Location specific
This story originally appeared on Fintel.