Allstate (NYSE:ALL) Price Target Raised to $260.00

Key Points

• Morgan Stanley raised its Allstate price target from $240 to $260 but maintained an “equal weight” rating; the target was roughly in line with the stock’s previous close.
• Analyst views are mixed: MarketBeat reports an average “Hold” rating and a consensus price target of $273.10, with ratings ranging from Strong Buy to Sell.
• Allstate reported quarterly EPS of $9.76, beating the $6.89 consensus, and revenue of $17.35 billion, above expectations of $15.87 billion.

Allstate (NYSE:ALL - Get Free Report) had its target price lifted by equities researchers at Morgan Stanley from $240.00 to $260.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an "equal weight" rating on the insurance provider's stock. Morgan Stanley's price target points to a potential downside of 0.17% from the stock's previous close.

A number of other analysts have also issued reports on ALL. Bank of America lifted their price target on Allstate from $336.00 to $340.00 and gave the stock a "buy" rating in a research note on Monday, October 12th. UBS Group increased their price objective on Allstate from $261.00 to $275.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on shares of Allstate from $232.00 to $241.00 and gave the stock an "underperform" rating in a research note on Tuesday. Atlantic Securities set a $319.00 price target on Allstate in a research report on Wednesday, July 15th. Finally, Piper Sandler decreased their target price on Allstate from $300.00 to $294.00 and set an "overweight" rating on the stock in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $273.10.

Allstate Stock Performance

Allstate stock traded up $6.66 during mid-day trading on Tuesday, hitting $260.44. The company had a trading volume of 448,690 shares, compared to its average volume of 1,748,575. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $65.86 billion, a price-to-earnings ratio of 5.90, a P/E/G ratio of 0.59 and a beta of 0.13. The company's fifty day moving average is $245.77 and its 200-day moving average is $230.14. Allstate has a 12-month low of $191.13 and a 12-month high of $281.11.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The insurance provider reported $9.76 earnings per share for the quarter, topping analysts' consensus estimates of $6.89 by $2.87. The company had revenue of $17.35 billion during the quarter, compared to analysts' expectations of $15.87 billion. Allstate had a return on equity of 38.48% and a net margin of 16.57%. Allstate's quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $11.17 EPS. Equities research analysts predict that Allstate will post 36.67 EPS for the current year.

Institutional Investors Weigh In On Allstate

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Allstate in the 2nd quarter valued at about $5,439,448,000. Bank of America Corp DE lifted its position in Allstate by 8.1% during the 1st quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider's stock worth $1,640,748,000 after acquiring an additional 596,321 shares during the period. GQG Partners LLC acquired a new stake in Allstate during the 2nd quarter worth approximately $1,245,710,000. Deutsche Bank AG purchased a new position in shares of Allstate in the 2nd quarter valued at approximately $1,008,648,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Allstate by 5.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider's stock valued at $581,515,000 after purchasing an additional 154,259 shares during the last quarter. 76.47% of the stock is owned by institutional investors and hedge funds.

About Allstate

Allstate Corporation is a U.S.-based insurance company that provides property and casualty coverage and related protection products. Its offerings include auto, homeowners, renters, condominium, motorcycle and recreational vehicle insurance, as well as life insurance and roadside assistance.

The company sells products through its Allstate-branded business and other businesses, including National General, using agents and direct-to-consumer channels. Allstate primarily serves customers in the United States.

Founded in 1931 as part of Sears, Roebuck and Co, Allstate became an independent, publicly traded company in 1993.

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