Allstate (NYSE:ALL) Price Target Raised to $243.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Allstate from $229 to $243 while keeping an "equal weight" rating, implying roughly a 10.77% upside from the current price.
• Allstate beat expectations for the quarter with EPS of $10.65 (vs. $7.31 expected) and revenue of $16.94 billion (vs. $15.24 billion), reporting a 17.8% net margin and 42.7% return on equity.
• The analyst picture remains moderately positive—MarketBeat shows an average target of $241.33 and an overall "Moderate Buy" consensus, with a mix of Strong Buy/Buy/Hold ratings.

Allstate (NYSE:ALL - Get Free Report) had its price objective boosted by analysts at Wells Fargo & Company from $229.00 to $243.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price target points to a potential upside of 10.77% from the stock's current price.

ALL has been the topic of a number of other research reports. Citigroup boosted their price objective on Allstate from $221.00 to $226.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Cantor Fitzgerald reiterated a "neutral" rating and issued a $220.00 price target on shares of Allstate in a research report on Thursday, February 5th. Wall Street Zen downgraded shares of Allstate from a "buy" rating to a "hold" rating in a report on Saturday. Keefe, Bruyette & Woods lifted their price objective on shares of Allstate from $254.00 to $260.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 10th. Finally, Weiss Ratings upgraded shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, March 23rd. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $241.33.

Allstate Stock Up 0.4%

Allstate stock opened at $219.38 on Wednesday. Allstate has a 52 week low of $188.08 and a 52 week high of $222.23. The stock has a market cap of $56.47 billion, a price-to-earnings ratio of 4.84, a PEG ratio of 0.43 and a beta of 0.21. The company's 50-day moving average price is $210.59 and its two-hundred day moving average price is $205.97. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.25.

Allstate (NYSE:ALL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The business had revenue of $16.94 billion during the quarter, compared to analysts' expectations of $15.24 billion. During the same period last year, the firm posted $3.53 earnings per share. The business's revenue was up 3.0% on a year-over-year basis. On average, analysts expect that Allstate will post 27.15 EPS for the current fiscal year.

Insider Activity

In related news, COO Mario Rizzo sold 18,578 shares of the company's stock in a transaction that occurred 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 sale, the chief operating officer 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.55% of the stock is owned by corporate insiders.

Institutional Trading of Allstate

Several large investors have recently added to or reduced their stakes in the company. MV Capital Management Inc. purchased a new position in shares of Allstate during the fourth quarter valued at $25,000. Dorato Capital Management acquired a new stake in Allstate during the 4th quarter worth about $27,000. Navalign LLC purchased a new position in Allstate during the 4th quarter valued at about $27,000. Evolution Wealth Management Inc. grew its stake in Allstate by 7,000.0% during the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 140 shares in the last quarter. Finally, Barnes Dennig Private Wealth Management LLC increased its holdings in shares of Allstate by 112.3% in the 3rd quarter. Barnes Dennig Private Wealth Management LLC now owns 138 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 73 shares during the period. 76.47% of the stock is owned by institutional investors and hedge funds.

Allstate Company Profile

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.

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