Morgan Stanley Forecasts Strong Price Appreciation for Allstate (NYSE:ALL) Stock

Allstate (NYSE:ALL) had its target price raised by equities researchers at Morgan Stanley from $240.00 to $260.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley‘s price objective would suggest a potential downside of 0.17% from the stock’s current price.

ALL has been the topic of several other research reports. Keefe, Bruyette & Woods upped their target price on Allstate from $232.00 to $241.00 and gave the company an “underperform” rating in a report on Tuesday. Jefferies Financial Group cut their price target on Allstate from $310.00 to $292.00 and set a “buy” rating for the company in a research note on Tuesday, October 6th. Atlantic Securities set a $319.00 price objective on shares of Allstate in a research report on Wednesday, July 15th. Roth Capital set a $300.00 price objective on shares of Allstate in a research note on Thursday, August 6th. Finally, Citigroup raised their target price on shares of Allstate from $215.00 to $225.00 and gave the company a “sell” rating in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $273.10.

Allstate Price Performance

ALL stock traded up $6.66 on Tuesday, reaching $260.44. 448,690 shares of the company’s stock were exchanged, compared to its average volume of 1,748,575. The stock has a fifty day moving average of $245.77 and a 200-day moving average of $230.14. The firm has a market cap of $65.86 billion, a PE ratio of 5.90, a P/E/G ratio of 0.59 and a beta of 0.13. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.24. Allstate has a twelve month low of $191.13 and a twelve month high of $281.11.

Allstate (NYSE:ALL) last posted its quarterly earnings results on Wednesday, November 4th. The insurance provider reported $9.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.89 by $2.87. The company had revenue of $17.35 billion during the quarter, compared to the consensus estimate of $15.87 billion. Allstate had a net margin of 16.57% and a return on equity of 38.48%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm earned $11.17 EPS. As a group, equities analysts predict that Allstate will post 36.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Allstate

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Allstate during the second quarter valued at approximately $5,439,448,000. Bank of America Corp DE grew its stake in Allstate by 8.1% during the first quarter. Bank of America Corp DE now owns 7,913,320 shares of the insurance provider’s stock worth $1,640,748,000 after buying an additional 596,321 shares during the period. GQG Partners LLC acquired a new stake in shares of Allstate in the second quarter worth $1,245,710,000. Deutsche Bank AG acquired a new stake in shares of Allstate in the second quarter worth $1,008,648,000. Finally, Dimensional Fund Advisors LP increased its position in shares of 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. 76.47% of the stock is currently owned by hedge funds and other institutional investors.

About Allstate

Allstate Corporation is a U.S.-based insurance company that provides property and casualty coverage and related protection products. Its offerings include auto, homeowners, renters, condominium, motorcycle and recreational vehicle insurance, as well as life insurance and roadside assistance.

The company sells products through its Allstate-branded business and other businesses, including National General, using agents and direct-to-consumer channels. Allstate primarily serves customers in the United States.

Founded in 1931 as part of Sears, Roebuck and Co, Allstate became an independent, publicly traded company in 1993.