Keefe, Bruyette & Woods Cuts ALL Price Target to $232
Keefe, Bruyette & Woods has reiterated its Underperform rating on The Allstate Corporation with a new price target of $232, a 4.70% downside from the current price.
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Keefe, Bruyette & Woods cut its price target on The Allstate Corporation ($ALL) to $232 from $250 on October 12, 2026, and rates the stock "Underperform".
Since the rating, $ALL is up 6.6% to date (from the $232.60 close on Oct 12, 2026).
ALL
The Allstate Corporation
Key Points
- On October 12, 2026, Keefe, Bruyette & Woods reiterated its Underperform rating on Allstate, adjusting the price target from $250 to $232.
- Keefe, Bruyette & Woods's $232 price target implies 4.70% downside from The Allstate Corporation's ($ALL) current $243.45 share price.
- As of October 16, 2026, Allstate shares recently traded around $243.45, which is about 4.9% above the new target.
- The company's next earnings report is scheduled for November 4, 2026, and it has a dividend yield of 4.32%.
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Keefe, Bruyette & Woods reiterated its Underperform rating on The Allstate Corporation (NYSE: ALL) on October 12, 2026. The firm lowered its price target from $250 to $232. This adjustment reflects the analysts' outlook on the company amidst current market conditions.
With the recent trading price of Allstate shares around $243.45 as of October 16, 2026, the stock is about 4.9% above the new target. This positioning may suggest that analysts see challenges ahead for Allstate, especially given the lowered target.
Other Institutional Activity in Allstate
Several other institutional investors have also adjusted their positions in Allstate recently. Blackrock Inc. grew its holdings by 971,859 shares, bringing its total to about 22.9 million shares worth approximately $5.67 billion. Franklin Resources, Inc. added 673,860 shares, ending with about 8.7 million shares valued at around $2.16 billion. Meanwhile, State Street Corporation increased its stake by 250,110 shares, totaling about 12.5 million shares worth about $3.10 billion. On the other hand, Vanguard Capital Management LLC trimmed its holdings by 69,208 shares, ending with about 16.8 million shares valued at around $4.17 billion.
The Allstate Corporation Stock Up 1.6%
Allstate shares are currently trading around $243.45, which is higher than the 52-week low, indicating some strength in the stock despite the analysts' cautious outlook. The shares are positioned above the new price target of $232, which may indicate that investors are still optimistic about the company's future despite the rating downgrade.
$ALL price target
The Allstate Corporation daily closes and this analyst's $232 target. Not advice.
Recent Earnings
In its trailing twelve months, Allstate reported revenue of approximately $70.1 billion and earnings per share (EPS) of $49.94. The company also has a net margin of 19.0% and a return on equity (ROE) of 46.1%. The next earnings report is expected on November 4, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
4 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 44.7%. Revenue beat estimates by 11.1%.
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Profit surprise
Operating income beat by 40 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
4 target raises.
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Earnings quality
Gross margin up 26.7 points. Operating margin up 14.5 points. Negative free cash flow.
Earnings Call Summary
Allstate delivered a strong first quarter with total revenue of $16.9 billion, up 3 percent, and adjusted earnings of $10.65 per share, beating consensus of $7.43. The property liability combined ratio improved to 82 percent, driven by strong underwriting performance and favorable reserve releases from 2023 and 2024. Management highlighted gaining auto insurance market share in 29 states representing 57 percent of premiums and homeowners market share reaching 8.3 percent nationally. They emphasized their multi-lever strategy for growth including pricing sophistication, product innovation, improved customer experience and effective claims management, rather than competing solely on price. Investment income grew nearly 10 percent to $938 million. The company returned $881 million to shareholders through repurchases and dividends, completing a $1.5 billion repurchase program and launching a new $4 billion authorization.
Guidance Management did not provide explicit financial guidance for full year 2026 or next quarter. They discussed strategic plans to manage pricing, expenses and distribution across 39 states with a balanced approach of rate increases in 16 states and decreases in 23 states, resulting in net neutral rate impact. They emphasized their Rubik's cube operating model to balance growth and profitability through multiple levers beyond pricing.
Clearly positive report. Results were better than expected, though the forward reset is not the strongest.
Dividend
Allstate pays an annual dividend of $4.32 per share, translating to a yield of 4.32%. The payout ratio is 8.3%, indicating a sustainable dividend policy in line with its earnings performance.
Insider Buying and Selling at The Allstate Corporation
Recent insider transactions show a trend of selling. Mark Q Prindiville, a former insider, sold 1,550 shares at an average price of $216.27 for a total of about $335,226 on May 22, 2026. Director Andrea Redmond sold 2,225 shares at an average price of $202.91, totaling approximately $451,475 on June 1, 2026. Additionally, Divisional Officer John E Dugenske sold 32,996 shares, valued at about $8.89 million, on August 7, 2026. Mario Rizzo, an officer of a subsidiary company, sold 56,225 shares worth about $14.87 million on August 11, 2026.
Analysts Set New Price Targets
On October 12, 2026, Wells Fargo upgraded its rating on Allstate to Equal-Weight with a new target of $236, down from $250. Meanwhile, Keefe, Bruyette & Woods maintained its Underperform rating with a target of $232. The consensus rating is currently mixed, with some analysts maintaining a positive outlook while others remain cautious.
About Allstate
The Allstate Corporation, headquartered in Northbrook, IL, provides property and casualty insurance products in the U.S. and Canada. The company operates in four segments: Allstate Protection, Run-off Property-Liability, Protection Services, and Corporate and Other. Its diverse offerings aim to meet the insurance needs of millions of customers.
Bottom Line
Investors should note the upcoming earnings report on November 4, 2026, which could provide further insight into Allstate's performance. The recent analyst ratings suggest a cautious outlook, particularly from Keefe, Bruyette & Woods, which may influence market sentiment going forward.
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Source: Keefe, Bruyette & Woods's rating change on $ALL (Oct 12, 2026). Written by software, not financial advice. How we make alerts