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Allstate’s Q1 Earnings Blow Away Expectations (ALL)

By Dividend.com,  May 02, 2012, 04:46:15 PM EDT

Insurance provider The Allstate Corporation ( ALL ) on Wednesday posted a sharp uptick in first quarter earnings, easily besting Wall Street expectations.

The Northbrook, IL-based company reported first quarter net income of $766 million, or $1.53 per share, compared with $519 million, or 98 cents per share, in the year-ago period.

Revenue rose 3.3% from last year to to $8.36 billion.

On average, Wall Street analysts expected a much smaller profit of $1.12 per share, on much lower revenue of $6.44 billion.

Allstate shares closed down 48 cents, or -1.4%, in Wednesday trading.

The Bottom Line
Shares of Allstate ( ALL ) have a 2.67% dividend yield, based on today's closing stock price of $32.91. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $35 price level.

The Allstate Corporation ( ALL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: ALL



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