Allstate (NYSE:ALL) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Allstate (NYSE:ALL) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $263.00 to $282.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 9.97% from the stock’s previous close.

A number of other brokerages have also recently issued reports on ALL. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Allstate in a research note on Thursday, June 18th. Cantor Fitzgerald increased their target price on Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a report on Thursday. Morgan Stanley raised their price target on Allstate from $215.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Piper Sandler reiterated an “overweight” rating on shares of Allstate in a research report on Thursday, May 28th. Finally, Zacks Research lowered Allstate from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $249.26.

Allstate Price Performance

Shares of Allstate stock opened at $256.43 on Tuesday. Allstate has a 52-week low of $188.08 and a 52-week high of $257.67. The stock has a market capitalization of $66.01 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 0.44 and a beta of 0.16. The company has a fifty day moving average of $224.94 and a 200-day moving average of $213.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The company had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $3.53 EPS. Equities research analysts expect that Allstate will post 29.99 EPS for the current year.

Insider Transactions at Allstate

In other Allstate news, COO Mario Rizzo sold 18,578 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the transaction, the chief operating officer directly owned 82,227 shares in the company, valued at approximately $17,991,267.60. This represents a 18.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the transaction, the director owned 2,225 shares in the company, valued at $451,474.75. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,353 shares of company stock worth $4,851,560. 1.55% of the stock is currently owned by insiders.

Institutional Trading of Allstate

A number of hedge funds and other institutional investors have recently modified their holdings of ALL. MV Capital Management Inc. purchased a new stake in shares of Allstate in the 4th quarter worth approximately $25,000. Dorato Capital Management purchased a new stake in Allstate during the 4th quarter valued at $27,000. Navalign LLC purchased a new position in shares of Allstate during the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. grew its position in Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 140 shares during the period. Finally, Allied Private Wealth LLC bought a new stake in shares of Allstate in the second quarter worth $29,000. 76.47% of the stock is owned by hedge funds and other institutional investors.

About Allstate

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.