5 Best Property & Casualty Insurance Stocks to Buy

2. The Allstate Corporation (NYSE:ALL)

Number of Hedge Fund Holders: 49

The Allstate Corporation (NYSE:ALL) provides property and casualty, and other insurance products. It is based in Northbrook, Illinois.

Joshua Shanker, an analyst at BofA, holds a Buy rating on The Allstate Corporation (NYSE:ALL) shares as of May 18.

The Allstate Corporation (NYSE:ALL) was trading at $111.15 on May 25. Analysts have placed an average price target of $20.81 on the shares. This gives the stock an upside of 20.84%.

Our hedge fund data for the first quarter shows 49 funds long The Allstate Corporation (NYSE:ALL), with a total stake value of $692 million.

Diamond Hill Capital, an investment management company, mentioned The Allstate Corporation (NYSE:ALL) in its first-quarter 2023 investor letter. Here’s what the firm said:

“Elsewhere in financials, the stocks of two of our insurance holdings – AIG and The Allstate Corporation (NYSE:ALL) – came under pressure we believe due to the negative sentiment in the sector generally. These businesses are very different from banks, and we continue to have strong conviction in their ability to grow intrinsic value over the long term. In fact, Allstate is a new position that we added to the portfolio in Q1. It is one of the largest providers of auto and homeowners’ insurance in the United States. Allstate has a strong brand and significant scale advantages over smaller peers. Recent results have been pressured by rising claims costs across the industry; however, we believe that price changes instituted by the company will drive improvement to more normalized levels over the next couple of years.”