JPMorgan Chase & Co. Issues Positive Forecast for Allstate (NYSE:ALL) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target on Allstate from $263 to $282 and kept an overweight rating, implying about 10% upside from the current share price.
• Other analysts remain mixed but generally constructive: several firms lifted targets, while the broader consensus is now a Moderate Buy with an average target price of $249.26.
• Allstate has posted strong recent fundamentals, including Q1 earnings of $10.65 per share versus estimates of $7.31 and revenue of $16.94 billion; the stock also traded near its 52-week high at $256.43.

Allstate (NYSE:ALL - Get Free Report) had its price target boosted by analysts at JPMorgan Chase & Co. from $263.00 to $282.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 9.97% from the stock's current price.

A number of other brokerages have also recently issued reports on ALL. Cantor Fitzgerald lifted their price objective on shares of Allstate from $236.00 to $242.00 and gave the company a "neutral" rating in a report on Thursday. Keefe, Bruyette & Woods upped their target price on shares of Allstate from $242.00 to $255.00 and gave the stock a "market perform" rating in a report on Wednesday, July 8th. Wall Street Zen cut shares of Allstate from a "buy" rating to a "hold" rating in a research report on Sunday. Weiss Ratings reissued a "buy (a-)" rating on shares of Allstate in a report on Thursday, June 18th. Finally, Wells Fargo & Company increased their price objective on Allstate from $229.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $249.26.

Allstate Price Performance

Shares of ALL opened at $256.43 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.36 and a quick ratio of 0.36. Allstate has a 1 year low of $188.08 and a 1 year high of $257.67. The business has a 50-day moving average of $224.94 and a 200-day moving average of $213.37. The company has a market capitalization of $66.01 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 0.44 and a beta of 0.16.

Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating the consensus estimate of $7.31 by $3.34. The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $15.24 billion. Allstate had a return on equity of 42.66% and a net margin of 17.81%.The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.53 EPS. As a group, equities research analysts anticipate that Allstate will post 29.99 earnings per share for the current year.

Insider Buying and Selling

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the completion of the sale, the insider directly owned 27,558 shares in the company, valued at $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $202.91, for a total transaction of $451,474.75. Following the completion of the transaction, the director directly owned 2,225 shares in the company, valued at $451,474.75. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,353 shares of company stock worth $4,851,560. Insiders own 1.55% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tema ETFs LLC increased its stake in Allstate by 24.3% in the second quarter. Tema ETFs LLC now owns 4,867 shares of the insurance provider's stock valued at $1,158,000 after acquiring an additional 951 shares during the last quarter. William Mack & Associates Inc. bought a new stake in Allstate during the second quarter worth about $227,000. Paladin Wealth LLC bought a new stake in Allstate during the second quarter worth about $206,000. Revolve Wealth Partners LLC boosted its holdings in shares of Allstate by 14.1% in the 2nd quarter. Revolve Wealth Partners LLC now owns 1,151 shares of the insurance provider's stock worth $274,000 after purchasing an additional 142 shares in the last quarter. Finally, Allied Private Wealth LLC purchased a new position in shares of Allstate in the 2nd quarter worth about $29,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

About Allstate

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.

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.