Allstate (ALL) Gets a Hold Rating from Wells Fargo

In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Allstate (ALLResearch Report), with a price target of $100. The company’s shares opened today at $95.60.

Greenspan commented:

“We had been expecting a preannouncement from ALL given the elevated level of catastrophe losses reported by PGR in April. Following the announcement, we are maintaining our Q2 pre-tax catastrophe loss estimate of $900 million. EPS estimate remains unchanged at $1.71, and we are maintaining our 2019 EPS estimate of $9.20, 2020 EPS estimate of $10.00, and 2020 EPS estimate of $10.90. We do not expect much movement in ALL shares, given that a preannouncement was expected and the level reported was largely within a range of ALL’s historical April catastrophe loss range (and were likely lower than expected given the level of losses reported by PGR). the back of this note for historical Q2 catastrophe losses reported by ALL.”

According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 5.0% and a 61.5% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.

Currently, the analyst consensus on Allstate is a Hold with an average price target of $96.50.

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The company has a one-year high of $102.73 and a one-year low of $77. Currently, Allstate has an average volume of 1.79M.

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The Allstate Corp. engages in the property and casualty insurance business and the sale of life and accident and health insurance products through its subsidiaries. It operates through following business segments: Allstate Protection, Service Businesses, Allstate Life, Allstate Benefits, Allstate Annuities, Discontinued Lines and Coverages, and Corporate and Other. The Allstate Protection segment sells private passenger auto and homeowners insurance through agencies and directly through call centers and the internet. These products are marketed under the Allstate, Encompass, and Esurance brand names. The Service Businesses segment offers a range of products and services that expand and enhance customer value propositions including SquareTrade, Arity, Allstate Roadside, and Allstate Dealer Services. The Allstate Life segment provides traditional, interest-sensitive, and variable life insurance products through Allstate exclusive agencies and exclusive financial specialists. The Allstate Benefits segment offers voluntary benefits products, including life, accident, critical illness, short-term disability and other health products sold through workplace enrolling independent agents and Allstate exclusive agencies. The Allstate Annuities segment consists of deferred fixed annuities and immediate fixed annuities. The Discontinued Lines and Coverages segment includes results from property and casualty insurance coverage that primarily relates to policies written during the 1960s through the mid-1980s. The Corporate and Other segment comprises of the company’s activities and certain non-insurance operations. The company was founded on April 17, 1931 and is headquartered in Northbrook, IL.