Property and casualty insurer The Allstate Corporation ( ALL ) late Tuesday posted better-than-expected second quarter earnings, helped by higher revenue and lower catastrophe losses.
The Northbrook, IL-based company reported second quarter net income of $423 million, or 86 cents per share, compared with a net loss of $624 million, or -$1.19 per share, in the year-ago period. Excluding special items, adjusted operating profit was 87 cents per share.
Revenue rose 2.5% from last year to $8.28 billion.
On average, Wall Street analysts expected a much smaller profit of 51 cents per share, on much lower revenue of $6.82 billion.
Allstate shares rose $1.36, or +4%, in aftermarket trading Tuesday.
The Bottom Line
Shares of Allstate ( ALL ) have a 2.57% dividend yield, based on today's closing stock price of $34.30. The stock has technical support in the $31-$32 price area. The shares are trading near 52-week highs.
The Allstate Corporation ( ALL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.