Based in Northbrook, Illinois, Allstate Corporation (ALL) is a leading provider of insurance products and services, including auto, home, and life insurance. With a market cap of $43.20 billion, Allstate is renowned for its commitment to customer service and innovative risk management solutions. The company plays a crucial role in protecting individuals and businesses from financial loss, ensuring its customers' stability and peace of mind. Allstate is set to announce its fiscal Q2 earnings results after the market closes on Wednesday, Jul. 31.

Ahead of the event, analysts expect ALL to report a loss of $0.94 per share, 78.7% narrower compared to the loss of $4.42 per share in the same quarter last year. In the last four quarters, the company has surpassed Wall Street’s bottom-line estimates in three and missed on another occasion.

ALL's adjusted earnings of $5.13 per share for the last quarter surpassed the consensus estimate by 24.8%. Higher premiums and reduced catastrophe losses drove the company’s performance.

For fiscal 2024, analysts expect ALL to report EPS of $12.41, up significantly from $0.95 in fiscal 2023. 

ALL stock has gained 16.9% on a YTD basis, marginally underperforming the broader S&P 500 Index's ($SPX) 17.7% gains. However, the stock has outperformed the Invesco KBW Property & Casualty Insurance ETF’s (KBWP) 15.2% returns over the same time frame.

Allstate's outperformance over the past year is driven by strong operational results and strategic initiatives, such as the potential sale of its health and benefits business and favorable market valuation. The stock saw a marginal increase after its Q1 earnings on May 1, as higher premiums, increased investment income, and reduced catastrophe losses helped the company report a better-than-expected profit.

The consensus opinion on ALL stock is optimistic, with an overall “Moderate Buy” rating. Out of 19 analysts covering the stock, 14 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, two recommend a “Hold,” and two suggest a “Strong Sell.” 

The consensus rating is less bullish than three months ago when the stock had an overall “Strong Buy” rating. ALL's average analyst price target is $186.88, indicating a potential upside of 14.2% from the current levels. 

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