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Investing.com - JPMorgan raised its price target on Allstate (NYSE:ALL) to $235.00 from $232.00 on Thursday, while maintaining an Overweight rating on the insurance company’s stock. The insurance giant, currently valued at $54.31 billion, appears undervalued according to InvestingPro analysis.
The price target adjustment follows what JPMorgan described as "strong" quarterly results from Allstate, which featured robust underwriting margins that more than compensated for weaker premiums and investment income. The company’s revenue grew 11.49% over the last twelve months, with a healthy dividend yield of 2.08% and a 33-year track record of consistent dividend payments.
JPMorgan remains bullish on Allstate due to several factors, including a positive outlook for margins and an expected increase in policies-in-force (PIF) growth.
The firm also cited increased capital flexibility as a positive factor for the insurance provider going forward.
JPMorgan noted that Allstate currently trades at "an outsized P/E discount" compared to both personal and commercial lines insurers, suggesting potential for share price appreciation.
In other recent news, Allstate Corporation reported significant catastrophe losses for June 2025, totaling $619 million, or $489 million after-tax. These losses were primarily due to 15 events, with 70% attributed to wind and hail incidents. For the second quarter of 2025, Allstate’s total catastrophe losses amounted to $1.99 billion, or $1.57 billion after-tax. Despite these higher losses, Keefe, Bruyette & Woods maintained an Outperform rating on Allstate stock, although they adjusted their earnings per share estimates to $17.30 for 2025 and $20.45 for 2026. BMO Capital Markets also reiterated an Outperform rating with a $230 price target, noting a slight shortfall in April’s Policy in Force numbers.
Additionally, Allstate’s board of directors approved a quarterly dividend of $1.00 per share, to be paid on October 1, 2025. The company’s annual stockholders meeting resulted in the election of thirteen directors and the approval of an advisory resolution on executive compensation. This resolution, known as "Say-on-Pay," received a majority of votes in favor.
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