Allstate (NYSE:ALL) Given New $292.00 Price Target at JPMorgan Chase & Co.

by · The Cerbat Gem

Allstate (NYSE:ALL – Get Free Report) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $282.00 to $292.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 10.56% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lowered shares of Allstate from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $243.00 to $250.00 in a report on Friday. UBS Group boosted their price target on Allstate from $261.00 to $275.00 and gave the stock a “neutral” rating in a report on Monday. Barclays boosted their target price on shares of Allstate from $213.00 to $226.00 and gave the stock an “underweight” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Allstate from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Finally, Citigroup cut shares of Allstate from a “neutral” rating to a “sell” rating and set a $240.00 target price for the company. in a research note on Tuesday. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Allstate presently has an average rating of “Hold” and an average target price of $263.42.

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Allstate Stock Performance

Shares of NYSE:ALL traded down $5.56 during midday trading on Tuesday, hitting $264.11. The company had a trading volume of 212,044 shares, compared to its average volume of 1,669,351. Allstate has a 12-month low of $188.08 and a 12-month high of $277.22. The company has a fifty day moving average of $242.76 and a two-hundred day moving average of $221.18. The company has a market cap of $67.99 billion, a price-to-earnings ratio of 5.29, a PEG ratio of 0.45 and a beta of 0.16. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.36 and a quick ratio of 0.36.

Allstate (NYSE:ALL – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.06 by $2.93. Allstate had a return on equity of 41.64% and a net margin of 18.97%.The business had revenue of $15.43 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same quarter in the previous year, the company posted $5.94 earnings per share. Allstate’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities research analysts expect that Allstate will post 31.4 EPS for the current fiscal year.

Insider Buying and Selling at Allstate

In other news, insider Mark Q. Prindiville sold 1,550 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider directly owned 27,558 shares in the company, valued at approximately $5,959,968.66. This represents a 5.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea Redmond sold 2,225 shares of Allstate stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $202.91, for a total value of $451,474.75. Following the completion of the transaction, the director owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Allstate

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Allstate during the 2nd quarter valued at $5,439,448,000. Deutsche Bank AG purchased a new position in Allstate during the second quarter worth $1,008,648,000. Norges Bank bought a new position in Allstate during the fourth quarter valued at $531,294,000. Bank of New York Mellon Corp bought a new position in Allstate during the second quarter valued at $425,484,000. Finally, GQG Partners LLC raised its stake in shares of Allstate by 36.0% in the fourth quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock valued at $1,142,449,000 after acquiring an additional 1,452,993 shares during the period. Hedge funds and other institutional investors own 76.47% of the company’s stock.

About Allstate

(Get Free Report)

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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