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Northbrook, Illinois-based The Allstate Corporation (ALL) property and casualty, and other insurance products in the United States and Canada. With a market cap of $48.8 billion, Allstate operates through Allstate Protection, Protection Services, Health and Benefits, Run-off Property-Liability, and Corporate and Other segments.
Companies worth $10 billion or more are generally described as "large-cap stocks," Allstate fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the property & casualty insurance industry.
Allstate touched its all-time of $191.33 on Sep. 3 and is currently trading 3.6% below that peak. ALL has gained 14.1% over the past three months, outpacing the Dow Jones Industrials Average’s ($DOWI) 5.5% gains during the same time frame
Over the longer term, Allstate stock looks even more appealing. ALL has gained 71.1% over the past 52 weeks and 31.7% in 2024, outperforming DOWI’s 17.9% gains over the past year and 8.4% returns on a YTD basis.
To confirm the bullish trend, ALL has mostly traded above its 50-day and 200-day moving averages over the past year with slight fluctuations.
Shares of Allstate soared 3.7% in the trading session after the release of its impressive Q2 earnings on Jul. 31. The insurance giant reported a significant boost in profitability, driven by a notable 7.9% annual decline in property and casualty insurance claims and claims expenses, which fell to $10.8 billion. This translated into a net income of $301 million for common shareholders, compared to the $1.4 billion loss recorded in the year-ago quarter.
Allstate’s adjusted EPS of $1.61 exceeded consensus estimates by an impressive 387.9%. Furthermore, the company’s total revenues experienced robust growth of 12.4% annually to $15.7 billion, bolstering investor confidence.
Allstate’s competitor, Chubb Limited (CB), has underperformed ALL. CB gained 37.8% over the past 52 weeks and 25.8% in 2024.
Among the 20 analysts covering the ALL stock, the consensus rating is a “Moderate Buy.” The mean price target of $200.11 represents an 8.5% potential upside from current price levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
