Allstate (NYSE:ALL) Stock Price Expected to Rise, Bank of America Analyst Says

Allstate (NYSE:ALL) had its target price lifted by investment analysts at Bank of America from $336.00 to $340.00 in a report issued on Monday. The firm currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective would indicate a potential upside of 43.79% from the company’s previous close.

A number of other brokerages also recently commented on ALL. HSBC raised shares of Allstate from a “hold” rating to a “buy” rating and set a $266.00 price objective for the company in a research note on Wednesday, October 7th. Wall Street Zen raised Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Evercore set a $240.00 price target on Allstate in a report on Friday, July 10th. Weiss Ratings lowered Allstate from a “buy (a)” rating to a “buy (a-)” rating in a research report on Tuesday, September 29th. Finally, Piper Sandler reissued an “overweight” rating on shares of Allstate in a research report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $270.19.

Allstate Trading Up 1.7%

NYSE ALL opened at $236.45 on Monday. 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 company has a market capitalization of $59.79 billion, a price-to-earnings ratio of 5.16, a price-to-earnings-growth ratio of 0.52 and a beta of 0.13. The company’s 50-day simple moving average is $248.44 and its two-hundred day simple moving average is $234.49. Allstate has a one year low of $188.08 and a one year high of $277.22.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share for the quarter, topping the consensus estimate of $6.06 by $2.93. Allstate had a net margin of 18.97% and a return on equity of 41.64%. The firm had revenue of $18.60 billion during the quarter, compared to analysts’ expectations of $15.46 billion. During the same quarter in the prior year, the company earned $5.94 EPS. The company’s revenue was up 11.8% compared to the same quarter last year. Equities analysts forecast that Allstate will post 35.83 EPS for the current fiscal year.

Insider Activity at Allstate

In other Allstate news, COO Mario Rizzo sold 56,225 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $264.48, for a total value of $14,870,388.00. Following the completion of the sale, the chief operating officer directly owned 82,227 shares in the company, valued at $21,747,396.96. This trade represents a 40.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John E. Dugenske sold 32,996 shares of Allstate stock in a transaction on Friday, August 7th. The stock was sold at an average price of $269.33, for a total transaction of $8,886,812.68. Following the completion of the transaction, the insider directly owned 13,054 shares in the company, valued at $3,515,833.82. This represents a 71.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.55% of the company’s stock.

Institutional Trading of Allstate

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Allstate during the 2nd quarter valued at about $5,439,448,000. Bank of America Corp DE raised its stake in Allstate by 8.1% in the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock valued at $1,640,748,000 after buying an additional 596,321 shares during the last quarter. GQG Partners LLC acquired a new stake in Allstate in the second quarter worth about $1,245,710,000. Deutsche Bank AG acquired a new stake in Allstate in the second quarter worth about $1,008,648,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Allstate by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,804,615 shares of the insurance provider’s stock worth $581,515,000 after acquiring an additional 154,259 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Key Stories Impacting Allstate

Here are the key news stories impacting Allstate this week:

• Positive Sentiment: Bank of America raised its price target for Allstate to $340 from $336 and maintained a Buy rating, implying substantial upside from recent trading levels. Bank of America raises target for Allstate stock
• Positive Sentiment: Wells Fargo upgraded Allstate to Equal Weight from Underweight, reducing a source of bearish analyst pressure even though the new rating remains neutral. Wells Fargo upgrades Allstate
• Positive Sentiment: Allstate scheduled its next quarterly results for November 4. The announcement gives investors a near-term catalyst to assess premium growth, claims trends and profitability. Allstate schedules November results
• Neutral Sentiment: Allstate shares closed at approximately $232.60 in the latest session, gaining while the overall market declined, indicating relative investor strength. Allstate ascends while market falls
• Negative Sentiment: Morgan Stanley cut its price target to $240, while Keefe, Bruyette & Woods lowered its target to $232 and assigned an Underperform rating. These calls suggest limited upside and reflect concerns about valuation or operating performance. Morgan Stanley cuts Allstate target
• Negative Sentiment: Allstate’s Protection Services revenue grew 7.8% in the second quarter, but declining earnings and rising claims costs raise questions about whether growth can translate into higher margins. Allstate Protection Services margins
• Negative Sentiment: Following Hurricane Isaias, Allstate is providing mobile claims centers and other customer support in Alabama and the Florida Keys. The response supports retention and customer service, but storm-related claims could increase catastrophe losses and pressure near-term results. Allstate supports customers after Hurricane Isaias

About Allstate

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.