Allstate Stock Surges to Fresh Pre-Earnings Peak

Investors may want to continue to jump aboard ALL's climb

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The Allstate Corporation (NYSE:ALL) is an American insurance company with operations in Canada as well. Allstate has more than 113 million proprietary policies and offers protection products through multiple brands and diverse distribution channels, including auto, home, life, and other insurance offered through its Allstate, Esurance, Encompass, SquareTrade and Answer Financial brands.

Allstate stock marked a record close on Thursday, April 29, and already this morning has posted a fresh intraday peak of $128.74. ALL has increased 27% over the past 12 months and Allstate stock price is up 51% from its four-year low of $84.97. Additionally, shares of Allstate stock have grown 17% year-to-date.

Furthermore, Allstate is scheduled to report first-quarter earnings after the close on Wednesday, May 5. So far, ALL has outperformed earnings expectations on all four of its most recent earnings reports. For the first quarter of 2020, Allstate missed analysts’ estimates by a margin of $0.04 and reported an earnings per share (EPS) of $3.54. For the second quarter of 2020, Allstate's EPS decreased to $2.46 but ALL still managed to beat expectations by a big margin of $0.91. For the following quarter Allstate had an increase in earnings, rising to $2.94 per share and beating estimates by a significant margin of $1.28. In the most recent quarterly report, Allstate posted an EPS of $5.87 and beat expectations by a massive margin of $2.06. Analysts estimate the company will report an EPS of $3.88 for its upcoming earnings.

Meanwhile, heading into today analysts have been bullish on the equity. In fact, 10 of the 18 in coverage sport a "buy" or better recommendation, while the remaining eight sport a tepid "hold."


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