Allstate (NYSE:ALL) Price Target Raised to $292.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Allstate’s price target to $292 from $282 and maintained an “overweight” rating, implying 10.56% upside from the prior close.
• Analyst sentiment is mixed: Allstate has an average “Hold” rating and a consensus price target of $263.42, despite several recent target increases.
• Allstate’s latest quarterly results exceeded expectations, with EPS of $8.99 versus the $6.06 consensus estimate and revenue up 11.8% year over year; shares nevertheless fell 2.1% to $264.11 in Tuesday trading.

Allstate (NYSE:ALL - Get Free Report) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $282.00 to $292.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the insurance provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 10.56% from the stock's previous close.

Several other brokerages have also commented on ALL. Mizuho raised their price objective on shares of Allstate from $255.00 to $272.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Evercore set a $240.00 target price on Allstate in a report on Friday, July 10th. Raymond James Financial reissued a "strong-buy" rating on shares of Allstate in a research report on Tuesday. Morgan Stanley raised their target price on Allstate from $215.00 to $240.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Finally, Citigroup cut Allstate from a "neutral" rating to a "sell" rating and set a $240.00 price target on the stock. in a research note on Tuesday. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Allstate has an average rating of "Hold" and an average price target of $263.42.

Allstate Trading Down 2.1%

Shares of Allstate stock traded down $5.56 during midday trading on Tuesday, reaching $264.11. 212,044 shares of the company's stock traded hands, compared to its average volume of 1,669,351. The stock has a 50 day moving average of $242.76 and a 200-day moving average of $221.18. Allstate has a 12 month low of $188.08 and a 12 month high of $277.22. The company has a market cap of $67.99 billion, a PE ratio of 5.29, a price-to-earnings-growth ratio of 0.45 and a beta of 0.16. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36.

Allstate (NYSE:ALL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $8.99 EPS for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The business had revenue of $15.43 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same period in the prior year, the business earned $5.94 EPS. The company's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, equities analysts expect that Allstate will post 31.4 EPS for the current fiscal year.

Insider Activity

In other news, Director Andrea Redmond sold 2,225 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $202.91, for a total transaction of $451,474.75. Following the sale, the director owned 2,225 shares in the company, valued at $451,474.75. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Q. Prindiville sold 1,550 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider directly owned 27,558 shares of the company's stock, valued at $5,959,968.66. This trade represents a 5.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Allstate

A number of hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its position in Allstate by 60.2% during the fourth quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock valued at $1,253,000 after acquiring an additional 2,443 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Allstate during the 4th quarter valued at about $231,000. WINTON GROUP Ltd bought a new stake in shares of Allstate during the 2nd quarter valued at about $210,000. Treasurer of the State of North Carolina increased its position in shares of Allstate by 2.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider's stock valued at $24,816,000 after purchasing an additional 3,051 shares during the last quarter. Finally, Ieq Capital LLC lifted its stake in shares of Allstate by 20.1% in the 2nd quarter. Ieq Capital LLC now owns 38,316 shares of the insurance provider's stock worth $7,713,000 after purchasing an additional 6,412 shares during the period. 76.47% of the stock is currently 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.

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