On July 28, Allstate rose 3.15% in regular trading, trading at $269.92/share, with turnover of $80.85 million.
On the news front, multiple investment banks have raised their price targets on Allstate throughout July. BofA Securities lifted its target from $295 to $319 while maintaining a Buy rating, JPMorgan raised to $282 from $263 maintaining Overweight, Jefferies adjusted to $282 from $250, and Roth Capital raised to $275 from $240 with a Buy rating. Additionally, Morgan Stanley noted that personal line carriers are positioned to report strong underwriting performance in full-year and portions of the following year, naming Allstate among the expected beneficiaries alongside Progressive and Hartford Insurance.
The bullish consensus comes ahead of Allstate's next earnings report scheduled for August 5, with market participants potentially front-running optimistic expectations. The company previously delivered a significant Q1 earnings beat with adjusted EPS of $10.65 versus the $7.29 consensus estimate.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)