JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Allstate (NYSE:ALL) Stock

Key Points

• JPMorgan Chase & Co. has raised its target price for Allstate stock from $235.00 to $254.00, indicating a potential upside of 19.48% from the stock's previous close.
• Allstate has received a mix of ratings, with two analysts giving a Strong Buy rating, thirteen issuing a Buy rating, four a Hold rating, and one a Sell rating.
• The company reported a notable EPS of $5.94 for the last quarter, far exceeding analysts' estimates, alongside a 5.8% increase in quarterly revenue year-over-year.

Allstate (NYSE:ALL - Get Free Report) had its target price increased by analysts at JPMorgan Chase & Co. from $235.00 to $254.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 19.48% from the stock's previous close.

A number of other research analysts have also weighed in on the company. Cantor Fitzgerald raised Allstate to a "hold" rating in a report on Wednesday, August 13th. Evercore ISI set a $233.00 price target on Allstate and gave the company an "in-line" rating in a research report on Wednesday, October 1st. Morgan Stanley upped their price target on shares of Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Wells Fargo & Company set a $202.00 price objective on Allstate and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Finally, Jefferies Financial Group boosted their price target on Allstate from $254.00 to $255.00 and gave the company a "buy" rating in a report on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $234.50.

Allstate Stock Up 0.4%

Shares of NYSE:ALL opened at $212.58 on Thursday. Allstate has a fifty-two week low of $176.00 and a fifty-two week high of $215.70. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. The firm's 50-day simple moving average is $205.82 and its 200-day simple moving average is $201.13. The company has a market cap of $56.02 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 0.82 and a beta of 0.38.

Allstate (NYSE:ALL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $5.94 EPS for the quarter, beating analysts' consensus estimates of $3.20 by $2.74. Allstate had a net margin of 8.79% and a return on equity of 28.74%. The firm had revenue of $15.05 billion during the quarter, compared to the consensus estimate of $16.59 billion. During the same quarter last year, the firm earned $1.61 earnings per share. The firm's revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Allstate will post 18.74 earnings per share for the current year.

Institutional Trading of Allstate

Several large investors have recently added to or reduced their stakes in the stock. Arlington Trust Co LLC boosted its position in shares of Allstate by 261.8% in the second quarter. Arlington Trust Co LLC now owns 123 shares of the insurance provider's stock worth $25,000 after buying an additional 89 shares during the period. Hughes Financial Services LLC acquired a new position in Allstate during the 1st quarter worth approximately $28,000. Clearstead Trust LLC boosted its holdings in Allstate by 3,800.0% in the 2nd quarter. Clearstead Trust LLC now owns 156 shares of the insurance provider's stock worth $31,000 after acquiring an additional 152 shares during the period. Armstrong Advisory Group Inc. grew its position in Allstate by 72.0% in the third quarter. Armstrong Advisory Group Inc. now owns 160 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 67 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Allstate by 315.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 166 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 126 shares during the period. 76.47% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.