Insurance giant Allstate (NYSE: ALL) will be reporting earnings this Wednesday after market close. Here’s what you need to know.
Allstate beat analysts’ revenue expectations last quarter, reporting revenues of $17.35 billion, up 3.2% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS and net premiums earned estimates.
Is Allstate a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Allstate’s revenue to grow 2.9% year on year, slowing from the 6.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Allstate has a history of exceeding Wall Street’s expectations.
Looking at Allstate’s peers in the property & casualty insurance segment, some have already reported their Q2 results, giving us a hint as to what we can expect. First American Financial delivered year-on-year revenue growth of 15%, beating analysts’ expectations by 3.4%, and CNA Financial reported revenues up 1.9%, topping estimates by 1.2%. First American Financial traded down 2.2% following the results.
Read our full analysis of First American Financial’s results here and CNA Financial’s results here.
Investors in the property & casualty insurance segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. Allstate is up 5.9% during the same time and is heading into earnings with an average analyst price target of $254.68 (compared to the current share price of $262.98).
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