Wells Fargo & Company Issues Positive Forecast for Allstate (NYSE:ALL) Stock Price

Allstate (NYSE:ALL) had its target price boosted by Wells Fargo & Company from $229.00 to $243.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

ALL has been the topic of a number of other research reports. Piper Sandler upped their price target on shares of Allstate from $252.00 to $268.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. TD Cowen cut shares of Allstate from a “buy” rating to a “hold” rating in a research note on Monday, January 12th. Raymond James Financial reiterated a “strong-buy” rating and issued a $260.00 price target on shares of Allstate in a research note on Tuesday, March 3rd. Keefe, Bruyette & Woods upped their price target on shares of Allstate from $254.00 to $260.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Allstate from $260.00 to $263.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $241.33.

Allstate Stock Down 0.3%

NYSE:ALL opened at $217.95 on Wednesday. The firm’s 50-day moving average price is $210.82 and its 200-day moving average price is $206.14. The company has a market capitalization of $56.11 billion, a PE ratio of 4.81, a P/E/G ratio of 0.42 and a beta of 0.21. 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 $222.23.

Allstate (NYSE:ALL) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $10.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.31 by $3.34. The company had revenue of $16.94 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Allstate had a net margin of 17.81% and a return on equity of 42.66%. Allstate’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.53 EPS. On average, equities analysts predict that Allstate will post 27.62 EPS for the current fiscal year.

Insider Buying and Selling at Allstate

In other news, COO Mario Rizzo sold 18,578 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the transaction, the chief operating officer owned 82,227 shares in the company, valued at $17,991,267.60. This represents a 18.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allstate

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in Allstate by 3.7% in the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock worth $2,571,600,000 after acquiring an additional 438,034 shares in the last quarter. GQG Partners LLC increased its holdings in Allstate by 36.0% in the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. increased its holdings in Allstate by 29.2% in the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock worth $1,042,321,000 after acquiring an additional 1,131,172 shares in the last quarter. Boston Partners increased its holdings in Allstate by 14.9% in the 3rd quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock worth $654,652,000 after acquiring an additional 395,195 shares in the last quarter. Finally, Raymond James Financial Inc. increased its holdings in Allstate by 3.3% in the 2nd quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider’s stock worth $562,388,000 after acquiring an additional 88,620 shares in the last quarter. 76.47% of the stock is 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.