Piper Sandler Maintains Overweight on Allstate (ALL) After Lower-Than-Expected Catastrophe Losses

The Allstate Corporation (NYSE:ALL) ranks among the stocks with low beta that can beat market volatility. In light of The Allstate Corporation (NYSE:ALL)’s August catastrophe loss report, Piper Sandler reaffirmed its Overweight rating and $225 price target on the insurance company on September 19.

According to the firm, Allstate’s August catastrophe losses came in less than expected, though policies-in-force (PIF) increased year-over-year, especially in the auto segment. This is the fourth straight month of year-over-year growth in Auto policies since the company began releasing monthly PIF data, with total policy growth accelerating sequentially from the prior month.

Additionally, Piper Sandler raised its 2025 EPS projection for The Allstate Corporation (NYSE:ALL) from $21.56 to $25.28, primarily due to lower-than-expected catastrophic losses thus far in the quarter.

The Allstate Corporation (NYSE:ALL) offers a variety of insurance services and products, such as protection, health, and property and casualty insurance. In addition, the company offers consumer protection plans, roadside assistance, and analytics solutions.

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Disclosure: None. This article is originally published at Insider Monkey.