Movement Alert|Allstate Rises 3.12% in Regular Trading, Sector Strength Combined with Goldman Sachs Target Price Upgrade

Market Focus06-24

On June 23, Allstate rose 3.12% in regular trading, trading at $229.50/share, with turnover of $107 million.

On the news front, Goldman Sachs recently raised its target price on Allstate from $226 to $233, maintaining a neutral rating. According to analyst consensus polled by FactSet, the stock carries an average overweight rating with a mean target price of $242.36. The upgrade comes after Allstate disclosed total catastrophe losses of $1.16 billion (after-tax $915 million) for April and May in a filing with the SEC. The market appears to have fully digested the catastrophe loss headwind, with the stock continuing its recovery trajectory.

The broader Property & Casualty Insurance sector showed strength across the board. Among peer stocks, Progressive rose 3.64%, Chubb gained 1.76%, Travelers advanced 1.41%, Hartford Insurance added 0.90%, and American International Group edged up 0.07%.

(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.)

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