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Here's Why Allstate (ALL) Gained But Lagged the Market Today
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In the latest trading session, Allstate (ALL - Free Report) closed at $174.83, marking a +0.26% move from the previous day. This move lagged the S&P 500's daily gain of 1.08%. At the same time, the Dow added 0.32%, and the tech-heavy Nasdaq gained 1.58%.
Prior to today's trading, shares of the insurer had gained 8.64% over the past month. This has outpaced the Finance sector's loss of 2.72% and the S&P 500's gain of 0.43% in that time.
Market participants will be closely following the financial results of Allstate in its upcoming release. The company plans to announce its earnings on July 31, 2024. The company is predicted to post an EPS of -$0.53, indicating an 88.01% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $15.56 billion, up 10.09% from the prior-year quarter.
ALL's full-year Zacks Consensus Estimates are calling for earnings of $12.72 per share and revenue of $62.7 billion. These results would represent year-over-year changes of +1238.95% and +9.24%, respectively.
It is also important to note the recent changes to analyst estimates for Allstate. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 15.15% lower. Allstate is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Allstate is currently trading at a Forward P/E ratio of 13.71. Its industry sports an average Forward P/E of 12.6, so one might conclude that Allstate is trading at a premium comparatively.
Meanwhile, ALL's PEG ratio is currently 1.96. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Insurance - Property and Casualty was holding an average PEG ratio of 1.6 at yesterday's closing price.
The Insurance - Property and Casualty industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 71, placing it within the top 29% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Here's Why Allstate (ALL) Gained But Lagged the Market Today
In the latest trading session, Allstate (ALL - Free Report) closed at $174.83, marking a +0.26% move from the previous day. This move lagged the S&P 500's daily gain of 1.08%. At the same time, the Dow added 0.32%, and the tech-heavy Nasdaq gained 1.58%.
Prior to today's trading, shares of the insurer had gained 8.64% over the past month. This has outpaced the Finance sector's loss of 2.72% and the S&P 500's gain of 0.43% in that time.
Market participants will be closely following the financial results of Allstate in its upcoming release. The company plans to announce its earnings on July 31, 2024. The company is predicted to post an EPS of -$0.53, indicating an 88.01% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $15.56 billion, up 10.09% from the prior-year quarter.
ALL's full-year Zacks Consensus Estimates are calling for earnings of $12.72 per share and revenue of $62.7 billion. These results would represent year-over-year changes of +1238.95% and +9.24%, respectively.
It is also important to note the recent changes to analyst estimates for Allstate. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 15.15% lower. Allstate is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Allstate is currently trading at a Forward P/E ratio of 13.71. Its industry sports an average Forward P/E of 12.6, so one might conclude that Allstate is trading at a premium comparatively.
Meanwhile, ALL's PEG ratio is currently 1.96. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Insurance - Property and Casualty was holding an average PEG ratio of 1.6 at yesterday's closing price.
The Insurance - Property and Casualty industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 71, placing it within the top 29% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.