Citigroup Boosts Allstate (NYSE:ALL) Price Target to $226.00

Key Points

• Citigroup raised its price target on Allstate to $226 (from $221) while keeping a "neutral" rating, implying about a 4.1% upside from the current price.
• Analyst consensus is higher than Citigroup's view, with an average target of $240.56 and a ratings mix (3 Strong Buy, 8 Buy, 9 Hold, 1 Sell) that yields an overall "Moderate Buy".
• Allstate posted a strong quarterly beat — EPS of $10.65 vs. $7.31 expected and revenue of $16.94B vs. $15.24B — while trading at a low P/E of 4.79, signaling robust profitability and a relatively cheap valuation.

Allstate (NYSE:ALL - Get Free Report) had its price target lifted by equities research analysts at Citigroup from $221.00 to $226.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the insurance provider's stock. Citigroup's price objective would indicate a potential upside of 4.10% from the stock's current price.

A number of other equities analysts have also recently issued reports on the stock. Mizuho dropped their price target on shares of Allstate from $281.00 to $265.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Zacks Research cut shares of Allstate from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 7th. Weiss Ratings upgraded shares of Allstate from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, March 23rd. Raymond James Financial reiterated a "strong-buy" rating and issued a $260.00 price target on shares of Allstate in a research note on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Allstate from $260.00 to $263.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $240.56.

Allstate Stock Down 0.1%

Allstate stock traded down $0.16 during mid-day trading on Friday, reaching $217.10. The stock had a trading volume of 966,223 shares, compared to its average volume of 1,594,245. The company has a market capitalization of $56.06 billion, a price-to-earnings ratio of 4.79, a PEG ratio of 0.43 and a beta of 0.22. The company has a 50-day moving average price of $210.35 and a two-hundred day moving average price of $205.87. Allstate has a one year low of $188.08 and a one year high of $221.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.37 and a quick ratio of 0.37.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.31 by $3.34. The company had revenue of $16.94 billion for the quarter, compared to analysts' expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 44.44%. Allstate's revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.53 EPS. On average, analysts expect that Allstate will post 25.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Allstate

A number of hedge funds have recently bought and sold shares of ALL. Brighton Jones LLC raised its position in Allstate by 60.2% in the 4th quarter. Brighton Jones LLC now owns 6,500 shares of the insurance provider's stock worth $1,253,000 after buying an additional 2,443 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in Allstate in the 4th quarter worth about $231,000. WINTON GROUP Ltd purchased a new position in Allstate in the 2nd quarter worth about $210,000. Treasurer of the State of North Carolina raised its position in Allstate by 2.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 123,272 shares of the insurance provider's stock worth $24,816,000 after buying an additional 3,051 shares during the last quarter. Finally, Ieq Capital LLC raised its position in 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 buying an additional 6,412 shares during the last quarter. Hedge funds and other institutional investors own 76.47% of the company's stock.

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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