Allstate (NYSE:ALL) Stock Price Target Raised at Bank of America

Key Points

• Bank of America raised Allstate’s price target from $336 to $340 and maintained a “Buy” rating, implying approximately 46% upside from the prior close.
• Allstate shares rose 1.5% to $232.88, while the stock’s broader analyst consensus remained “Hold,” with an average price target of $270.19.
• The company reported strong quarterly results, including EPS of $8.99 versus the $6.06 consensus estimate and revenue growth of 11.8% year over year; meanwhile, two insiders sold substantial portions of their holdings.

Allstate (NYSE:ALL - Get Free Report) had its price objective hoisted by analysts at Bank of America from $336.00 to $340.00 in a research note issued on Monday. The firm presently has a "buy" rating on the insurance provider's stock. Bank of America's target price would suggest a potential upside of 46.00% from the company's previous close.

A number of other brokerages have also issued reports on ALL. HSBC raised Allstate from a "hold" rating to a "buy" rating and set a $266.00 target price on the stock in a research report on Wednesday, October 7th. JPMorgan Chase & Co. raised their price target on shares of Allstate from $282.00 to $292.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Evercore set a $240.00 price target on shares of Allstate in a research note on Friday, July 10th. Wall Street Zen upgraded shares of Allstate from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Finally, Argus set a $238.00 price target on shares of Allstate in a report on Friday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Allstate currently has a consensus rating of "Hold" and an average price target of $270.19.

Allstate Stock Up 1.5%

Shares of NYSE ALL traded up $3.45 during midday trading on Monday, reaching $232.88. 116,412 shares of the company's stock were exchanged, compared to its average volume of 1,745,231. Allstate has a 52-week low of $188.08 and a 52-week high of $277.22. The stock has a market capitalization of $58.89 billion, a PE ratio of 4.65, a price-to-earnings-growth ratio of 0.51 and a beta of 0.13. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.36 and a current ratio of 0.36. The business's fifty day moving average price is $249.57 and its two-hundred day moving average price is $234.09.

Allstate (NYSE:ALL - Get Free Report) last released its quarterly earnings results 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 return on equity of 41.64% and a net margin of 18.97%. The business had revenue of $18.60 billion for the quarter, compared to analysts' expectations of $15.46 billion. During the same quarter in the previous year, the firm posted $5.94 earnings per share. The company's revenue was up 11.8% compared to the same quarter last year. Analysts forecast that Allstate will post 35.83 EPS for the current year.

Insider Buying and Selling

In related news, COO Mario Rizzo sold 56,225 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $264.48, for a total transaction of $14,870,388.00. Following the sale, the chief operating officer directly owned 82,227 shares of the company's stock, valued at approximately $21,747,396.96. This represents a 40.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John E. Dugenske sold 32,996 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $269.33, for a total value of $8,886,812.68. Following the sale, the insider directly owned 13,054 shares in the company, valued at approximately $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.55% of the company's stock.

Hedge Funds Weigh In On Allstate

Hedge funds have recently added to or reduced their stakes in the business. Armstrong Advisory Group Inc. lifted its holdings in shares of Allstate by 82.8% during the third quarter. Armstrong Advisory Group Inc. now owns 170 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 77 shares during the last quarter. Kaizen Financial Strategies boosted its position in shares of Allstate by 5.5% in the 3rd quarter. Kaizen Financial Strategies now owns 967 shares of the insurance provider's stock valued at $215,000 after purchasing an additional 50 shares during the period. GK Wealth Management LLC acquired a new position in shares of Allstate in the 3rd quarter valued at $79,000. Wedmont Private Capital increased its stake in Allstate by 3.7% in the 3rd quarter. Wedmont Private Capital now owns 7,325 shares of the insurance provider's stock worth $1,689,000 after purchasing an additional 262 shares in the last quarter. Finally, Athena Wealth Management LLC increased its stake in Allstate by 5.0% in the 3rd quarter. Athena Wealth Management LLC now owns 6,251 shares of the insurance provider's stock worth $1,387,000 after purchasing an additional 299 shares in the last quarter. Institutional investors and hedge funds own 76.47% of the company's stock.

Allstate Company Profile

Allstate Corporation is an insurance company that provides protection products and services primarily to individuals and families. Its offerings include automobile, homeowners, renters, condominium, and other property and casualty insurance, along with roadside assistance, identity protection, and related protection services.

The company distributes products through a network of exclusive agents, independent agents, contact centers, and digital channels. Allstate also serves customers through brands and businesses including National General, which expands its presence in personal and commercial auto insurance and other specialty coverage markets.

Founded in 1931 as part of Sears, Roebuck & Co, Allstate became an independent publicly traded company in 1995.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.