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Allstate's (ALL) Massive $2B Buyback Plan Delights Analysts and Investors

February 7, 2013 1:45 PM EST Send to a Friend
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Price: $60.81 --0%

Rating Summary:
    12 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 16 | New: 28
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MKM Partners today reiterated a Buy rating on Allstate (NYSE: ALL) with a price target of $55.00. Analysts feel the authorization of $1 billion in additional repurchases yesterday supports this bullish thesis.

"Allstate remains one of our favorite names, as it just announced an additional $1 billion to its existing $1 billion buyback authorization that was reloaded only in December," said analyst Harry Fong. "The $2 billion repurchase program is expected to be completed over the next 13 months and represents nearly 10% of ALL’s current market capitalization."

For an analyst ratings summary and ratings history on Allstate (NYSE: ALL) click here. For more ratings news on Allstate click here.

Shares of Allstate closed at $44.31 yesterday.




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