Wells Fargo Assigns a Hold Rating on Allstate

By Austin Angelo

Wells Fargo analyst Elyse Greenspan assigned a Hold rating to Allstate (NYSE: ALL) today. The company’s shares opened today at $95.46.

Greenspan observed:

“We are leaving our Q2 cat estimate for ALL at $875 million pre­tax, which now includes $664 million of cats over the remaining two months of the quarter (to­date PCS has two events in May, although none of them have loss estimates yet). We do not expect much movement in the ALL shares coming off of the cat preannouncement. Sitting down with ALL next week at our Financials Conference. We will sit down with ALL next Wednesday (May 23) at our Investor Relations. Paramount interest to us is getting a better view on the loss cost trends ALL expects over the balance of the year, the level of growth they should see (both in terms of new business and a pick­up in retention), and view on capital/M&A potential.”

According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 4.6% and a 52.1% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Renaissancere Holdings Ltd, and Marsh & Mclennan Companies.

Allstate has an analyst consensus of Hold, with a price target consensus of $92.33.

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Based on Allstate’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $9.59 billion and net profit of $975 million. In comparison, last year the company earned revenue of $9.37 billion and had a net profit of $695 million.

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The Allstate Corp. is a holding company, which 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 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.