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Allstate (ALL) Soars 3.8%: Is Further Upside Left in the Stock?
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Allstate (ALL - Free Report) shares rallied 3.8% in the last trading session to close at $124.92. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.6% gain over the past four weeks.
This marks the second consecutive day of Allstate’s price increase since its peer The Progressive announced encouraging monthly results. The Progressive's premiums written jumped, policies in force were solid in the Personal Auto segment and expenses declined in September. This had a ripple effect, benefitting various players in the insurance sector, with Allstate being one of the beneficiaries. Also, investor interest was likely piqued by a Reuters report of activist Trian Fund Management building a stake in the company.
This insurer is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +128.9%. Revenues are expected to be $14.74 billion, up 10.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Allstate, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ALL going forward to see if this recent jump can turn into more strength down the road.
Allstate is part of the Zacks Insurance - Property and Casualty industry. Palomar (PLMR - Free Report) , another stock in the same industry, closed the last trading session 3.1% higher at $52.55. PLMR has returned -1.8% in the past month.
For Palomar, the consensus EPS estimate for the upcoming report has changed -0.3% over the past month to $0.77. This represents a change of +165.5% from what the company reported a year ago. Palomar currently has a Zacks Rank of #2 (Buy).
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Allstate (ALL) Soars 3.8%: Is Further Upside Left in the Stock?
Allstate (ALL - Free Report) shares rallied 3.8% in the last trading session to close at $124.92. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.6% gain over the past four weeks.
This marks the second consecutive day of Allstate’s price increase since its peer The Progressive announced encouraging monthly results. The Progressive's premiums written jumped, policies in force were solid in the Personal Auto segment and expenses declined in September. This had a ripple effect, benefitting various players in the insurance sector, with Allstate being one of the beneficiaries. Also, investor interest was likely piqued by a Reuters report of activist Trian Fund Management building a stake in the company.
This insurer is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +128.9%. Revenues are expected to be $14.74 billion, up 10.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Allstate, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ALL going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Allstate is part of the Zacks Insurance - Property and Casualty industry. Palomar (PLMR - Free Report) , another stock in the same industry, closed the last trading session 3.1% higher at $52.55. PLMR has returned -1.8% in the past month.
For Palomar, the consensus EPS estimate for the upcoming report has changed -0.3% over the past month to $0.77. This represents a change of +165.5% from what the company reported a year ago. Palomar currently has a Zacks Rank of #2 (Buy).