Allstate (NYSE:ALL) Rating Increased to Strong-Buy at Wolfe Research

Key Points

• Allstate has been upgraded to a "strong-buy" rating by Wolfe Research, indicating strong investor confidence in the company's future performance.
• Recent price target adjustments from various analysts have increased interest in Allstate, with UBS raising their target to $235 and Morgan Stanley to $245, reflecting positive outlooks.
• In their latest earnings report, Allstate reported $5.94 EPS, significantly exceeding analysts' estimates, while also achieving a revenue of $15.05 billion, indicating strong year-over-year growth.

Allstate (NYSE:ALL - Get Free Report) was upgraded by analysts at Wolfe Research to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

ALL has been the topic of a number of other reports. Morgan Stanley boosted their price target on shares of Allstate from $235.00 to $245.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Citigroup upgraded shares of Allstate to a "hold" rating in a report on Wednesday, August 13th. Cantor Fitzgerald upgraded shares of Allstate to a "hold" rating in a report on Wednesday, August 13th. Wall Street Zen upgraded shares of Allstate from a "hold" rating to a "buy" rating in a report on Tuesday, August 5th. Finally, Barclays reiterated an "underweight" rating and issued a $198.00 target price (up from $188.00) on shares of Allstate in a report on Thursday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $231.47.

Allstate Stock Performance

ALL traded up $0.31 on Tuesday, reaching $205.99. The stock had a trading volume of 3,162,110 shares, compared to its average volume of 1,252,542. The company has a market cap of $54.28 billion, a P/E ratio of 9.68, a price-to-earnings-growth ratio of 0.82 and a beta of 0.37. The business's 50-day moving average price is $201.63 and its two-hundred day moving average price is $200.50. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. Allstate has a 12-month low of $176.00 and a 12-month high of $214.76.

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. The business had revenue of $15.05 billion during the quarter, compared to analysts' expectations of $16.59 billion. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.61 earnings per share. Sell-side analysts forecast that Allstate will post 18.74 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC boosted its stake in Allstate by 30.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 11,361 shares of the insurance provider's stock worth $2,352,000 after purchasing an additional 2,643 shares during the period. Atlas Capital Advisors Inc. boosted its stake in Allstate by 197.3% during the 1st quarter. Atlas Capital Advisors Inc. now owns 6,712 shares of the insurance provider's stock worth $1,390,000 after purchasing an additional 4,454 shares during the period. Richard Bernstein Advisors LLC acquired a new stake in Allstate during the 1st quarter worth $3,341,000. Dock Street Asset Management Inc. acquired a new stake in Allstate during the 1st quarter worth $207,000. Finally, First Citizens Bank & Trust Co. boosted its stake in Allstate by 5.5% during the 1st quarter. First Citizens Bank & Trust Co. now owns 57,499 shares of the insurance provider's stock worth $11,906,000 after purchasing an additional 2,981 shares during the period. Institutional investors and hedge funds 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.