Wells Fargo & Company Has Lowered Expectations for Allstate (NYSE:ALL) Stock Price

Key Points

• Wells Fargo & Company has lowered its price objective for Allstate from $200.00 to $197.00, maintaining an "equal weight" rating on the stock.
• Despite the downgrade, several other analysts have raised their price targets for Allstate, with JPMorgan Chase upgrading theirs from $235.00 to $254.00, reflecting mixed sentiment towards the company's stock.
• Allstate's stock is currently priced at $194.19, showing a marginal decline of 0.1%, with a market capitalization of $51.17 billion.

Allstate (NYSE:ALL - Get Free Report) had its price objective decreased by equities research analysts at Wells Fargo & Company from $200.00 to $197.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price target would suggest a potential upside of 1.45% from the company's previous close.

A number of other analysts have also issued reports on ALL. Morgan Stanley boosted their price objective on Allstate from $235.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Barclays restated an "underweight" rating and issued a $198.00 target price (up from $188.00) on shares of Allstate in a research note on Thursday, July 31st. Citigroup upgraded Allstate to a "hold" rating in a research report on Wednesday, August 13th. Cantor Fitzgerald upgraded Allstate to a "hold" rating in a report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. increased their target price on Allstate from $235.00 to $254.00 and gave the company an "overweight" rating in a report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $234.27.

Allstate Stock Down 0.1%

Shares of NYSE:ALL traded down $0.28 during mid-day trading on Friday, hitting $194.19. 42,239 shares of the company traded hands, compared to its average volume of 1,645,208. The stock has a market cap of $51.17 billion, a P/E ratio of 9.13, a P/E/G ratio of 0.71 and a beta of 0.38. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. Allstate has a 12-month low of $176.00 and a 12-month high of $215.70. The stock has a 50-day moving average price of $204.54 and a two-hundred day moving average price of $200.89.

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

Institutional Trading of Allstate

Institutional investors and hedge funds have recently modified their holdings of the business. Guerra Pan Advisors LLC boosted its stake in shares of Allstate by 1.5% in the 2nd quarter. Guerra Pan Advisors LLC now owns 3,426 shares of the insurance provider's stock worth $690,000 after buying an additional 49 shares during the last quarter. Rehmann Capital Advisory Group increased its holdings in shares of Allstate by 3.2% in the first quarter. Rehmann Capital Advisory Group now owns 1,630 shares of the insurance provider's stock worth $338,000 after purchasing an additional 51 shares during the last quarter. Focus Financial Network Inc. increased its holdings in shares of Allstate by 1.1% in the third quarter. Focus Financial Network Inc. now owns 4,693 shares of the insurance provider's stock worth $1,012,000 after purchasing an additional 52 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Allstate by 4.7% in the second quarter. Parkside Financial Bank & Trust now owns 1,189 shares of the insurance provider's stock worth $239,000 after purchasing an additional 53 shares during the last quarter. Finally, L2 Asset Management LLC increased its stake in Allstate by 4.8% during the second quarter. L2 Asset Management LLC now owns 1,168 shares of the insurance provider's stock worth $235,000 after acquiring an additional 53 shares during the last quarter. Institutional investors own 76.47% of the company's stock.

Allstate Company Profile

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.