Allstate (NYSE:ALL) Earns Strong-Buy Rating from Raymond James Financial

Key Points

• Raymond James Financial has reiterated a "strong-buy" rating for Allstate, increasing their target price from $250.00 to $260.00, suggesting a potential upside of 28.64% from the stock's previous closing price.
• Allstate's stock reported $5.94 EPS for the latest quarter, significantly exceeding analysts' expectations of $3.20, while quarterly revenue rose 5.8% year-over-year to $15.05 billion.
• The company's market capitalization stands at $53.26 billion, with institutional investors holding 76.47% of Allstate's stock, indicating substantial institutional interest.

Allstate (NYSE:ALL - Get Free Report)'s stock had its "strong-buy" rating reiterated by Raymond James Financial in a report issued on Monday,Benzinga reports. They currently have a $260.00 target price on the insurance provider's stock, up from their prior target price of $250.00. Raymond James Financial's target price indicates a potential upside of 28.64% from the stock's previous close.

A number of other equities research analysts have also issued reports on the company. Morgan Stanley upped their price target on Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research report on Friday. Evercore ISI raised their target price on Allstate from $227.00 to $230.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. UBS Group boosted their price target on shares of Allstate from $230.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Wells Fargo & Company reduced their target price on shares of Allstate from $200.00 to $197.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Allstate from $217.00 to $222.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $229.07.

Allstate Price Performance

Shares of Allstate stock traded up $2.34 on Monday, hitting $202.11. The company's stock had a trading volume of 217,817 shares, compared to its average volume of 1,768,076. The company has a market capitalization of $53.26 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 0.90 and a beta of 0.35. The firm has a fifty day moving average price of $198.37 and a 200-day moving average price of $197.31. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. Allstate has a 1 year low of $168.36 and a 1 year high of $213.18.

Allstate (NYSE:ALL - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, topping analysts' consensus estimates of $3.20 by $2.74. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The business had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. During the same quarter in the previous year, the company earned $1.61 earnings per share. The company's quarterly revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Allstate will post 18.74 earnings per share for the current fiscal year.

Institutional Trading of Allstate

A number of institutional investors have recently added to or reduced their stakes in ALL. Sequoia Financial Advisors LLC grew its position in shares of Allstate by 30.3% in the first quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider's stock valued at $2,352,000 after purchasing an additional 2,643 shares during the last quarter. Richard Bernstein Advisors LLC acquired a new stake in Allstate during the 1st quarter valued at $3,341,000. Dock Street Asset Management Inc. acquired a new stake in Allstate during the 1st quarter valued at $207,000. First Citizens Bank & Trust Co. increased its position in Allstate by 5.5% during the first quarter. First Citizens Bank & Trust Co. now owns 57,499 shares of the insurance provider's stock worth $11,906,000 after buying an additional 2,981 shares in the last quarter. Finally, Blackstone Inc. acquired a new position in shares of Allstate in the fourth quarter worth $52,053,000. Hedge funds and other institutional investors own 76.47% of the company's stock.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.

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