Piper Sandler Increases Allstate (NYSE:ALL) Price Target to $300.00

Allstate (NYSE:ALL) had its target price hoisted by stock analysts at Piper Sandler from $268.00 to $300.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the insurance provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 11.00% from the company’s previous close.

A number of other research firms have also issued reports on ALL. JPMorgan Chase & Co. boosted their target price on shares of Allstate from $263.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Keefe, Bruyette & Woods raised their price target on shares of Allstate from $242.00 to $255.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $280.00 price target on shares of Allstate in a report on Friday. Weiss Ratings upgraded Allstate from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday. Finally, Citigroup increased their price objective on Allstate from $221.00 to $226.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Allstate currently has a consensus rating of “Hold” and a consensus target price of $261.80.

Allstate Stock Performance

ALL stock traded up $3.26 during mid-day trading on Monday, reaching $270.26. The company had a trading volume of 735,387 shares, compared to its average volume of 1,673,426. Allstate has a one year low of $188.08 and a one year high of $277.22. The stock has a market capitalization of $69.57 billion, a P/E ratio of 5.40, a P/E/G ratio of 0.45 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. The stock’s 50-day simple moving average is $241.52 and its two-hundred day simple moving average is $220.65.

Allstate (NYSE:ALL) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $8.99 EPS 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 business had revenue of $15.43 billion during the quarter, compared to analyst estimates of $15.46 billion. During the same quarter in the prior year, the firm earned $5.94 earnings per share. The company’s quarterly revenue was up 11.8% on a year-over-year basis. Research analysts anticipate that Allstate will post 31.4 EPS for the current year.

Insider Buying and Selling

In other Allstate news, insider Mark Q. Prindiville sold 1,550 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $216.27, for a total value 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. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrea Redmond sold 2,225 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $202.91, for a total value of $451,474.75. Following the transaction, the director directly owned 2,225 shares of the company’s stock, valued at approximately $451,474.75. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.55% of the stock is owned by company insiders.

Institutional Trading of Allstate

Hedge funds and other institutional investors have recently modified their holdings of the company. MV Capital Management Inc. acquired a new position in Allstate during the fourth quarter worth about $25,000. Gables Capital Management Inc. acquired a new stake in Allstate in the 2nd quarter valued at about $26,000. Navalign LLC bought a new position in shares of Allstate during the 4th quarter valued at about $27,000. Kelleher Financial Advisors bought a new position in shares of Allstate during the 2nd quarter valued at about $28,000. Finally, Evolution Wealth Management Inc. grew its stake in shares of Allstate by 7,000.0% in the 1st quarter. Evolution Wealth Management Inc. now owns 142 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 140 shares during the last quarter. Institutional investors own 76.47% of the company’s stock.

Allstate Company Profile

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.