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

February 7, 2013 1:45 PM EST
Get Alerts ALL Hot Sheet
Price: $74.15 -0.52%

Rating Summary:
    14 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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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