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Sept 19 (Reuters) - Allstate Corp ALL.N:
ALLSTATE CORP: ESTIMATED CATASTROPHE LOSSES FOR AUGUST OF $272 MILLION OR $215 MILLION, AFTER-TAX
ALLSTATE CORP: TOTAL CATASTROPHE LOSSES FOR AUGUST YEAR-TO-DATE WERE $3.67 BILLION OR $2.90 BILLION, AFTER-TAX
Source text for Eikon: [ID:n0000899051-24-000072]
Further company coverage: ALL.N
The most recent trading session ended with Allstate (ALL) standing at $191.01, reflecting a +0.39% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 0.29%. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.31%.
The the stock of insurer has risen by 5.46% in the past month, leading the Finance sector's gain of 2.97% and the S&P 500's gain of 1.57%.
Market participants will be closely following the financial results of Allstate in its upcoming release. The company is forecasted to report an EPS of $3.23, showcasing a 298.77% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $16.24 billion, up 11.35% from the prior-year quarter.
ALL's full-year Zacks Consensus Estimates are calling for earnings of $15.16 per share and revenue of $63.73 billion. These results would represent year-over-year changes of +1495.79% and +11.03%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Allstate. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.14% higher. Allstate currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Allstate is currently trading at a Forward P/E ratio of 12.55. This denotes a discount relative to the industry's average Forward P/E of 13.64.
Investors should also note that ALL has a PEG ratio of 1.79 right now. 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 average PEG ratio for the Insurance - Property and Casualty industry stood at 1.66 at the close of the market yesterday.
The Insurance - Property and Casualty industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 20, positioning it in the top 8% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Investment Research
If you're interested in broad exposure to the Financials - Insurance segment of the equity market, look no further than the Invesco KBW Property & Casualty Insurance ETF (KBWP), a passively managed exchange traded fund launched on 12/02/2010.
An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Financials - Insurance is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 3, placing it in top 19%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $388.99 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Insurance segment of the equity market. KBWP seeks to match the performance of the KBW Nasdaq Property & Casualty Index before fees and expenses.
The KBW Nasdaq Property & Casualty Index is a modified market capitalization weighted index that reflects the performance of approximately 24 property and casualty insurance companies.
Costs
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.35%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.05%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, Allstate Corp/the (ALL) accounts for about 8.23% of total assets, followed by Progressive Corp/the (PGR) and Chubb Ltd (CB).
The top 10 holdings account for about 60.47% of total assets under management.
Performance and Risk
The ETF return is roughly 28.96% so far this year and it's up approximately 38.10% in the last one year (as of 09/18/2024). In that past 52-week period, it has traded between $82.88 and $115.94.
The ETF has a beta of 0.64 and standard deviation of 18.43% for the trailing three-year period, making it a medium risk choice in the space. With about 25 holdings, it has more concentrated exposure than peers.
Alternatives
Invesco KBW Property & Casualty Insurance ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, KBWP is an outstanding option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
IShares U.S. Insurance ETF (IAK) tracks Dow Jones U.S. Select Insurance Index and the SPDR S&P Insurance ETF (KIE) tracks S&P Insurance Select Industry Index. IShares U.S. Insurance ETF has $737.27 million in assets, SPDR S&P Insurance ETF has $906.18 million. IAK has an expense ratio of 0.39% and KIE charges 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Allstate (ALL) closed at $186.10 in the latest trading session, marking a +0.93% move from the prior day. This move outpaced the S&P 500's daily gain of 0.75%. On the other hand, the Dow registered a gain of 0.58%, and the technology-centric Nasdaq increased by 1%.
Shares of the insurer have appreciated by 1.9% over the course of the past month, underperforming the Finance sector's gain of 4.06% and the S&P 500's gain of 4.03%.
The investment community will be closely monitoring the performance of Allstate in its forthcoming earnings report. The company's upcoming EPS is projected at $3.23, signifying a 298.77% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $16.24 billion, up 11.35% from the year-ago period.
ALL's full-year Zacks Consensus Estimates are calling for earnings of $15.16 per share and revenue of $63.73 billion. These results would represent year-over-year changes of +1495.79% and +11.03%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Allstate. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 1.01% rise in the Zacks Consensus EPS estimate. Allstate is currently sporting a Zacks Rank of #3 (Hold).
From a valuation perspective, Allstate is currently exchanging hands at a Forward P/E ratio of 12.17. This indicates a discount in contrast to its industry's Forward P/E of 13.36.
We can additionally observe that ALL currently boasts a PEG ratio of 1.74. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Insurance - Property and Casualty industry held an average PEG ratio of 1.59.
The Insurance - Property and Casualty industry is part of the Finance sector. With its current Zacks Industry Rank of 52, this industry ranks in the top 21% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Northbrook, Illinois-based The Allstate Corporation 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 , 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.
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