Movement Alert｜Allstate Rises 3.11% in Regular Trading, P&C Insurance Sector Rallies as Prior Catastrophe Losses Fully Digested

Market Focus06-27 03:44

On June 27, Allstate rose 3.11% in regular trading, trading at approximately $238.96/share, with turnover of $205 million. The stock extended its recovery trajectory as the broader Property & Casualty Insurance sector strengthened collectively.

On the news front, Goldman Sachs recently raised its price target on Allstate to $233 from $226 while maintaining a Neutral rating. The company had previously disclosed combined April and May catastrophe losses of $1.16 billion ($915 million after tax), which the market has now fully priced in. Total Q1 catastrophe losses reached $1.24 billion, with April alone accounting for $870 million from 10 wind and hail events. Meanwhile, the stock continues to benefit from strong Q1 earnings momentum, having reported adjusted EPS of $10.65 versus the consensus estimate of $7.29.

Within the Property & Casualty Insurance sector, peers posted broad gains: Progressive up 3.34%, Chubb up 2.93%, Hartford Insurance up 2.40%, Travelers up 2.25%, and American International Group up 0.44%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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